MARYLAND TRANSPORTATION AUTHORITY // COMPREHENSIVE ANNUAL Financial REPORT · 2017-12-27 · 2016 COMPREHENSIVE ANNUAL Financial REPORT ... completeness and fairness of the data rests

COMPREHENSIVE ANNUAL Financial REPORTFOR THE FISCAL YEAR ENDED JUNE 30, 2016

MARYLAND TRANSPORTATION AUTHORITY // An Enterprise Fund of the State of Maryland

THIS PAGE LEFT INTENTIONALLY BLANK

PREPARED by the DIVISION OF FINANCE

• Jaclyn Hartman, Chief Financial Officer

• Joyce Diepold, CPA, Deputy Chief Financial Officer

• Chantelle Green, Deputy Chief Financial Officer

• Larry Schwager, Director of General Accounting

• Luther Dolcar, Financial Reporting Manager

2 MARYLAND TRANSPORTATION AUTHORITY

2016 COMPREHENSIVE ANNUAL Financial REPORT

FOR THE FISCAL YEAR ENDED JUNE 30, 2016

2 COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 3

MARYLAND TRANSPORTATION AUTHORITY // An Enterprise Fund of the State of Maryland

I. INTRODUCTORY SECTION Letter of Transmittal .....................................................................................................................................................................................................9Members of the Maryland Transportation Authority ............................................................................................................................................22Organizational Chart ..................................................................................................................................................................................................23

II. FINANCIAL SECTION

Independent Auditor’s Report ..............................................................................................................................................................................26

Management’s Discussion and Analysis ............................................................................................................................................................28

Basic Financial StatementsStatement of Net Position ...................................................................................................................................................................................36Statement of Revenues, Expenses, and Changes in Net Position ..................................................................................................................38Statement of Cash Flows .....................................................................................................................................................................................39Notes to the Financial Statements ......................................................................................................................................................................41

Required Supplemental InformationProportionate Share of the Net Pension Liability ............................................................................................................................................76MDTA Contributions to the Maryland State Retirement and Pension System ..........................................................................................77

Supplementary Information Combined Schedule of Revenue and Expense – All Toll Facilities ...............................................................................................................79Schedule of Toll Transactions – All Toll Facilities (Unaudited) .....................................................................................................................80Schedule of Toll Revenue – All Toll Facilities...................................................................................................................................................81Schedule of Toll Transactions – John F. Kennedy Memorial Highway (I-95) (Unaudited) .......................................................................82Schedule of Toll Revenue – John F. Kennedy Memorial Highway (I-95) .....................................................................................................83Schedule of Toll Transactions – I-95 Express Toll Lanes (Unaudited) .........................................................................................................84Schedule of Toll Revenue – I-95 Express Toll Lanes .......................................................................................................................................85Schedule of Toll Transactions – Thomas J. Hatem Memorial Bridge (US 40) (Unaudited).......................................................................86Schedule of Toll Revenue – Thomas J. Hatem Memorial Bridge (US 40) ....................................................................................................87Schedule of Toll Transactions – Harry W. Nice Memorial Bridge (US 301) (Unaudited) .........................................................................88 Schedule of Toll Revenue – Harry W. Nice Memorial Bridge (US 301) .......................................................................................................89Schedule of Toll Transactions – William Preston Lane, Jr. Memorial Bay Bridge (US 50/301) (Unaudited) ..........................................90Schedule of Toll Revenue – William Preston Lane, Jr. Memorial Bay Bridge (US 50/301) ........................................................................91Schedule of Toll Transactions – Baltimore Harbor Tunnel (I-895) (Unaudited) ........................................................................................92Schedule of Toll Revenue – Baltimore Harbor Tunnel (I-895) ......................................................................................................................93Schedule of Toll Transactions – Francis Scott Key Bridge (I-695) (Unaudited) ..........................................................................................94Schedule of Toll Revenue – Francis Scott Key Bridge (I-695) ........................................................................................................................95Schedule of Toll Transactions – Fort McHenry Tunnel (I-95) (Unaudited) ................................................................................................96Schedule of Toll Revenue – Fort McHenry Tunnel (I-95) ..............................................................................................................................97Schedule of Toll Transactions – Intercounty Connector (ICC)/MD 200 (Unaudited) ..............................................................................98Schedule of Toll Revenue – Intercounty Connector (ICC)/MD 200 ............................................................................................................99

TABLE of CONTENTS


Investment of Funds – Master Investment Schedule ....................................................................................................................................100Investment of Funds – Transportation Facilities Projects ............................................................................................................................101Investment of Funds – Intercounty Connector ..............................................................................................................................................102Investment of Funds – BWI Marshall Airport Parking Garage ...................................................................................................................103Investment of Funds – BWI Marshall Airport Consolidated Rental Car Facility .....................................................................................104Investment of Funds – BWI Marshall Airport Passenger Facility Charge .................................................................................................105Investment of Funds – Metrorail Parking Projects ........................................................................................................................................106Investment of Funds – Calvert Street Parking ...............................................................................................................................................107

III. STATISTICAL SECTION

Statistical Section Index ....................................................................................................................................................................................110

Financial TrendsSchedule of Net Position ...................................................................................................................................................................................111Schedule of Revenue, Expenses and Changes in Net Position .....................................................................................................................112

Revenue CapacityTraffic Volume by Vehicle Class .......................................................................................................................................................................113Toll Revenue by Vehicle Class ..........................................................................................................................................................................114Traffic Volume by Facility .................................................................................................................................................................................115Toll Revenue by Facility.....................................................................................................................................................................................116History of Toll Rates by Facility .......................................................................................................................................................................117

Debt CapacityDebt Service Coverage – Revenue Bonds .......................................................................................................................................................118Debt Limitations ................................................................................................................................................................................................119Non-Recourse Debt Outstanding (Conduits) ................................................................................................................................................120Ratio of Outstanding Debt per Customer.......................................................................................................................................................121Toll-Backed Debt Outstanding .........................................................................................................................................................................122

Demographic and Economic InformationSchedule of Demographic Statistics ................................................................................................................................................................123Maryland’s Ten Largest Private Employers .....................................................................................................................................................124Schedule of Employment by Sector .................................................................................................................................................................125

OperationsCapital Assets ......................................................................................................................................................................................................126Operating Expenses ...........................................................................................................................................................................................127Change in Positions ...........................................................................................................................................................................................128


PAGE LEFT BLANK INTENTIONALLY


Introductory SECTION


8 COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 9 MARYLAND TRANSPORTATION AUTHORITY8 MARYLAND TRANSPORTATION AUTHORITY

8 COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 9 MARYLAND TRANSPORTATION AUTHORITY8 MARYLAND TRANSPORTATION AUTHORITY

December 31, 2016

To the Chairman and the Members of the Maryland Transportation Authority:

We are pleased to respectfully submit the Comprehensive Annual Financial Report (CAFR) for the Maryland Transportation Authority (MDTA) for the fiscal year ended June 30, 2016, which in-cludes the MDTA’s financial statements. The MDTA prepared the CAFR and the financial reports as required by the Trust Agreement by and between the MDTA and The Bank of New York Mellon as Trustee. The data as presented consists of management’s representation of its finances. The responsi-bility for the accuracy, completeness and fairness of the data rests with management. To the best of our knowledge and belief, this report contains data complete and reliable in all material respects.

To provide a reasonable basis for making these representations, management of the MDTA has established an internal control structure designed to provide reasonable assurance that assets are safeguarded from loss, theft, or misuse and that adequate and reliable accounting data is compiled to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. The cost of internal control should not outweigh their benefits; therefore, the MDTA’s comprehensive framework of internal control has been designed to provide reasonable rather than absolute assurances that the financial statements will be free from material misstatements.

The MDTA’s Trust Agreement requires an annual audit of the MDTA’s financial statements by an independent audit firm. The MDTA’s financial statements have been audited by CliftonLarsonAllen, LLP, a firm of certified public accountants selected by the MDTA through a competitive process. The goal of the independent audit was to provide reasonable assurance that the financial statements of the MDTA as of and for the fiscal year ended June 30, 2016, are free of material misstatements. The audit was performed in accordance with generally accepted auditing standards and government auditing standards and accordingly, included such tests of the accounting records and such other auditing pro-cedures considered necessary during the audit. Based upon the audit, the independent auditors issued an unmodified (“clean”) opinion on the MDTA’s financial statements for the fiscal year ended June 30, 2016. The Independent Auditor’s report is presented in the Financial Section of this report.

Management’s discussion and analysis (MD&A) immediately follows the Independent Auditor’s report and provides a narrative introduction, overview and analysis of the basic financial statements. This letter of transmittal complements the MD&A and should be read in conjunction with it.

Larry HoganGovernor

Boyd K. RutherfordLt. Governor

Pete K. RahnChairman

Katherine Bays ArmstrongPeter J. Basso

William H. Cox, Jr.William C. Ensor, IIIW. Lee Gaines, Jr.

William K. HellmannRandall Nixon

John Von Paris

Milt ChaffeeExecutive Director

2310 Broening HighwayBaltimore MD 21224

410-537-1000410-537-1003 (fax)

711 (MD Relay)1-866-713-1596

e-mail: [email protected]

www.mdta.maryland.gov

10 COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 11 MARYLAND TRANSPORTATION AUTHORITY

PROFILE OF THE MDTA Established in 1971, the MDTA is an independent State agency responsible for constructing, managing, operating and improving the State’s toll facilities, as well as for financing new revenue-pro-ducing transportation projects. The MDTA acts on behalf of, but is separate from, the Maryland Department of Transportation. It is a non-budgeted State agency and does not receive money from the State’s General Fund or the Transportation Trust Fund.

The MDTA’s eight toll facilities include four bridges, two tun-nels and two turnpikes. The MDTA’s newest facilities are the I-95 Express Toll Lanes and the Intercounty Connector/MD 200. The I-95 Express Toll Lanes opened to traffic in December 2014 along eight miles of I-95 in Baltimore from the I-95/I-895 split to north of the I-95/MD 43 interchange. This $1.1 billion project provides increased capacity with two new Express Toll Lanes in each direc-tion as well as significant safety enhancements to the general pur-pose lanes on I-95. The $2.4 billion Intercounty Connector con-nects the I-270/I-370 corridor in Montgomery County and the US 1 corridor in Prince George’s County. Segments of the Inter-county Connector opened in February and November 2011, con-necting I-270 in Montgomery County to I-95 in Prince George’s County. The final segment, extending the road from I-95 to US 1, opened in November 2014. Both facilities are all-electronic toll-ing facilities that utilize congestion-managed toll rates that vary by time of day and method of payment.

In January 2012, the MDTA entered into a 35-year public-private partnership with Areas USA for the redevelopment and operation of the Maryland House and Chesapeake House, the two travel plazas that the MDTA owns along I-95. Additional infor-mation on this service concession arrangement can be found in Note 4 to the Financial Statements.

The MDTA’s finances are accounted for as a proprietary-type enterprise fund using the accrual basis of accounting, similar to a private business entity. The MDTA’s revenues are held separately from the State’s General Fund and Transportation Trust Fund. The disposition of revenues is governed by a Trust Agreement between the MDTA and its Trustee, for the benefit of bondholders. Over four-fifths of the MDTA’s revenues come from tolls collected at its eight toll facilities. Revenues from all facilities are pooled together to fund operations, capital projects, and debt service on revenue bonds issued by the MDTA to help fund its capital program.

ORGANIZATIONAL STRUCTURE The Maryland Transportation Authority Board serves as the policy-setting, decision-making and governing body responsible for all actions taken by the MDTA. The group consists of eight Members, appointed by the Governor with the advice and con-sent of the Maryland Senate, and the Secretary of Transportation, who serves as Chairman. Per statute, the Board’s composition reflects the racial, gender and geographic diversity of the State and includes expertise in structural engineering, transportation planning, land use planning and finance. Appointments are for staggered four-year terms and may not extend beyond three con-secutive terms.

The day-to-day operations of the MDTA are led by the Execu-tive Director, who is appointed by the Board, and the Deputy Ex-ecutive Director, and are supported by an Executive Management Team and other Division Directors. The Executive Management

Ongoing system-preservation efforts at the Bay Bridge

The Maryland House Travel Plaza located on the John F. Kennedy Memorial Highway (I-95 northeast of Baltimore)


Team includes the Executive and Deputy Executive Directors; Principal Counsel; Chief Administrative Officer; Chief Finan-cial Officer; Chief Engineer; Chief of Police; Chief of Operations; Coordinator for the Intercounty Connector and Special Projects; and the Directors of Procurement; Business Planning, Policy and Performance; Environment, Safety and Risk Management; Civil Rights and Fair Practices; Project Planning and Program Devel-opment; Human Resources and Workforce Development; Infor-mation Technology; Communications; and Audits.

MAJOR DIVISIONS OF MDTA The work of the MDTA is handled by its 1,761 dedicated em-ployees. Employees work in the following functional areas, with the largest number of employees in the Division of Operations and the Maryland Transportation Authority Police.

Division of Finance: Responsible for all financial and account-ing services for the MDTA. This includes overseeing the invest-ment of all MDTA funds; developing and managing the operating budget; issuing debt; reviewing and processing the payment of all expenses; preparing and maintaining all financial records, reports and statistics; and establishing procedures and methods for moni-toring the collection, safeguarding, and deposit of all toll revenue.

Division of Project Planning and Program Development: Develops and continually assesses short- and long-term capital planning activities, develops funding strategies for the capital program, coordinates legislative and public outreach activities and manages the MDTA’s real estate holdings.

Division of Business Planning, Policy and Performance: Pro-vides overall direction and management for the development of new facilities, projects, partnerships, and ventures for the MDTA. The Division is also responsible for the implementation of the MDTA’s strategic and business plans.

Office of Engineering and Construction: Provides overall di-rection and management of the design, construction and contract maintenance of the MDTA’s facilities.

Office of Environment, Safety and Risk Management: Re-sponsible for employee safety, risk management, and environ-mental compliance programs.

Maryland Transportation Authority Police: The MDTA Po-lice are responsible for law-enforcement activities at MDTA toll facilities. The Police also provide law enforcement services at the Baltimore/Washington International Thurgood Marshall Airport and at the Port of Baltimore. Since 2012, the Police have held the Tri-Arc Award from the Commission on Law Enforcement Accreditation for having concurrent accreditation for its law en-forcement, communications and training units.

Division of Operations: Oversees all bridges, tunnels, turn-pikes, and buildings under the jurisdiction of the MDTA. Its func-tions include the operation, management and maintenance of the MDTA’s facilities; traffic management; E-ZPass operations; and the collection, disposition and safeguarding of toll revenue.

Division of Civil Rights and Fair Practices: Responsible for the development, oversight, and administration of the Minority Business Enterprise, Small Business Reserve, and Veteran Small Business Enterprise Programs, as well as the implementation and development of the Title VI Program at the MDTA.

Office of Attorney General for MDTA: The Maryland Office of the Attorney General assigns staff to provide legal counsel and representation for the MDTA.

Division of Communications: Serves as the official voice of the MDTA for the media and the public and manages MDTA communications, outreach and education efforts.

Office of Audits: Responsible for providing independent and objective approaches to improving the effectiveness of the MDTA’s management and internal controls.

Division of Procurement: Responsible for all contractual agreements for the MDTA.

Office of Human Resources and Workforce Development: Responsible for employee relations, recruitment, compensation, and training.

Division of Information Technology: Responsible for the planning, implementation and support of the MDTA’s computer and electronic information system infrastructure.

Office of Asset Control and Damage Recovery: Manages the tracking, inventory, safeguarding and disposal of MDTA prop-erty and equipment and provides oversight of the collection of monies owed to the MDTA from responsible parties who damage MDTA facilities.

Nice Bridge Administration/Police Building


VITAL LINKS IN MARYLAND’S TRANSPORTATION NETWORK

MDTA’S TOLL FACILITIES

I-270

I-695

US 301

RT 50

CHESAPEAKE BAY

WASHINGTON, D.C.

Thomas J. Hatem Memorial Bridge (US 40)

Baltimore Harbor Tunnel

(I-895)

William Preston Lane, Jr. Memorial (Bay) Bridge (US 50/301)

Intercounty Connector (ICC)/MD 200

Governor Harry W. Nice Memorial Bridge (US 301)

I-95 Express Toll Lanes

I-70

Francis Scott Key Bridge (I-695)

Fort McHenry Tunnel (I-95)

John F. Kennedy Memorial Highway (I-95)

BALTIMORE


Thomas J. Hatem Memorial Bridge (US 40)The oldest of MDTA’s facilities, this 1.4-mile, four-lane bridge opened in August 1940. It spans the Susquehanna River on US 40 between Havre de Grace and Perryville in northeast Maryland. Tolls are collected in the eastbound direction only.

FY 2016 toll transactions, eastbound — 5.1 million

FY 2016 toll revenue — $11.6 million

FY 2016 revenue as a percentage of total toll revenue — 1.8%

Change in revenue from FY 2015 — $0.6 million

John F. Kennedy Memorial Highway (I-95) Opened in November 1963, the John F. Kennedy Memorial Highway is a 50-mile section of I-95 from the northern Balti-more City line to Delaware. Tolls are collected in the northbound direction only at the toll plaza located one mile north of the Millard E. Tydings Memorial Bridge over the Susquehanna River in northeast Maryland.

FY 2016 toll transactions, northbound — 15.2 million




MDTA’S TOLL FACILITIES (continued)



Fort McHenry Tunnel (I-95, I-395)The largest underwater highway tunnel, as well as the widest ve-hicular tunnel ever built by the immersed-tube method, the Fort McHenry Tunnel opened to traffic in November 1985. The eight-lane tunnel is nearly 1.4-miles long and connects the Locust Point and Canton areas of Baltimore, crossing under the Patapsco River, just south of historic Fort McHenry. The tunnel is a vital link in I-95, the East Coast’s most important interstate route. Including the tunnel and approach roadways, the facility is approximately 10.3 miles in length.

FY 2016 toll transactions — 42.5 million




I-95 Express Toll LanesMaryland’s second all-electronic toll road opened along the Ken-nedy Highway in December 2014. The I-95 Express Toll Lanes provide eight miles, seven tolled, of generally free-flowing traffic between I-895 and just north of MD 43 in Baltimore. The I-95 Express Toll Lanes are part of the larger John F. Kennedy Memo-rial Highway facility, but are shown as a separate facility for re-porting purposes.






Baltimore Harbor Tunnel (I-895)The 1.4 mile, four-lane tunnel opened in November 1957. Des-ignated I-895, the facility crosses under the Patapsco River and connects major north/south highways and many arterial routes in Baltimore City’s industrial sections. Including the tunnel and ap-proach roadways, the facility is approximately 17 miles in length.






Francis Scott Key Bridge (I-695)This outer crossing of the Baltimore Harbor opened in March 1977 as the final link in I-695 (the Baltimore Beltway). The 1.7 mile Key Bridge crosses over the Patapsco River where Francis Scott Key was inspired to write the words of the “Star Spangled Banner.” This facility also includes the Curtis Creek Drawbridge. Including the bridge and approach roadways, the facility is 10.9 miles in length.





Intercounty Connector (ICC)/MD 200The Intercounty Connector (ICC/MD 200) links I-270/I-370 in Montgomery County and I-95 in Prince George’s County. The ICC/MD 200 is the MDTA’s first all-electronic, variably-priced toll facility. The majority of the roadway, from I-370 to I-95, opened to traffic in 2011 and the final segment, connecting I-95 to US 1, opened in 2014.

FY 2016 toll transactions — 30.0 million constructed trips





Governor Harry W. Nice Memorial Bridge (US 301)Opened in December 1940, this 1.9-mile, two-lane bridge is located on US 301 and spans the Potomac River from Newburg, Md., to Dahlgren, Va. President Franklin D. Roosevelt participat-ed in the facility’s groundbreaking in 1939. Tolls are collected in the southbound direction only.

FY 2016 toll transactions, southbound — 3.4 million



Change in revenue from FY 2015 — ($0.2) million


William Preston Lane Jr. Memorial (Bay) Bridge (US 50/301)The Bay Bridge crosses the Chesapeake Bay along US 50/301. Its dual spans provide a direct connection between recreational and ocean regions on Maryland’s Eastern Shore and the met-ropolitan areas of Baltimore, Annapolis and Washington, D.C. At four miles, the spans are among the world’s longest and most scenic over-water structures. The original span opened in July 1952 and provides a two-lane roadway for eastbound traffic. The parallel structure opened in June 1973 and has three lanes for westbound travelers. During periods of heavy eastbound traffic, one lane of the westbound bridge is “reversed” to carry eastbound travelers (“two-way” traffic operations). Tolls are collected in the eastbound direction only.

FY 2016 toll transactions, eastbound — 13.3 million



Change in revenue from FY 2015 — ($28.1) million


Road maintenance on I-95

LONG-TERM FINANCIAL PLANNING The MDTA utilizes conservative financial forecasting mod-eling that produces strong debt service coverage and is seen as a strength by the credit rating agencies, allowing the MDTA to maintain strong credit ratings of AA- by Standard & Poor’s and Fitch Ratings and Aa3 by Moody’s. Traffic and revenue forecasts are produced annually by an independent consultant covering a 10-year period utilizing conservative elasticity factors and limited long-term growth on existing facilities to reflect recent experience and changing demographics.

These conservative traffic and revenue forecasts are utilized in the development of the MDTA’s financial forecast. Additional conservatism is built into the financial forecast by assuming that the operating and capital budgets will be fully spent, despite his-torical spending below budgeted levels, and the use of assumed interest rates on future borrowings at rates higher than current market trends. The financial forecast ensures that the MDTA will meet all financial goals and legal requirements throughout the forecast period, helps to determine the appropriate mix of current year funding and bond proceeds to fund the capital program, and identifies the potential need for toll rate adjustments.

As required by statute, the MDTA’s six-year financial forecast is provided to the legislature twice per year for informational purposes and the timing coincides with the development of the annual operating budget by July 1 of each year and with the submission of the MDTA’s annual update to its six-year capital program in January. For internal financial planning purposes, additional forecasts are developed for varying planning hori-zons and testing alternative sensitivity cases. The toll rates for the additional sensitivity cases remain unchanged as a means of accurately reflecting the effects of each stress test on the system; however, in reality, if such unexpected circumstances were to occur, the MDTA would use its independent toll rate-setting power to take prompt mitigating action.

The MDTA develops an annual operating budget and is re-quired by the Trust Agreement to approve it by July 1 of each fis-cal year. Each of the MDTA’s department managers contribute to the development of a preliminary operating budget based on the expected staffing and funding level necessary to operate the MDTA’s facilities and departments. On a quarterly basis, the bud-get is reviewed by division and by budget category for any signifi-cant variances from targeted spending levels. The MDTA may at any time adopt an amended or supplemental budget for the re-mainder of the then-current fiscal year. The operating budget is provided to the legislature annually for informational purposes but does not require legislative approval.

The annual capital budget is developed as part of a six-year capital program. The capital program includes both major and minor projects in varying stages of development. Projects are moved from the Development & Evaluation program to the Construction Program as funding becomes available and as design work is significantly advanced. Following several years of system enhancements and expansion with the construction


of the Intercounty Connector and I-95 Express Toll Lanes, the capital program is returning to its traditional focus on system preservation. Annual inspections of each of the MDTA’s facilities help to identify needed improvements and prioritize projects. The FY 2016 – 2021 capital program includes a $1.9 billion investment in the MDTA’s facilities.

Relevant Financial PoliciesThe MDTA may issue revenue bonds backed by its toll rev-

enues. Per Maryland statute, debt outstanding for toll-revenue backed debt is limited to $2.325 billion through fiscal 2020 and $3.0 billion thereafter. All toll-backed debt must comply with the Rate Covenant contained in the Trust Agreement. The Rate Covenant requires that the MDTA fix, revise, charge and collect rentals, rates, fees, tolls and other charges and revenues for the use or services of its facilities in order to produce in each bond year net revenues in an amount not less than the sum of: (a) 120% of the Debt Service Requirement for outstanding bonds; and (b) 100% of the amount budgeted for deposit to the Maintenance and Operations Reserve Account. Failure to maintain a Rate Covenant of greater than or equal to 1.0 annually would contractually result in the Trustee stepping in and taking control of setting toll rates

sufficient to adhere to this requirement. The MDTA’s historical Rate Covenant has shown strong coverage with operating results well above the 1.00 times minimum coverage level.

As part of its Additional Bonds Test, prior to issuing any new debt, the MDTA must certify that this Rate Covenant has been met in the 12 consecutive months out of the proceeding 18 month period. In addition, the MDTA must certify on a prospective ba-sis that the Rate Covenant will be met in the current bond year, and in the fifth complete bond year following the completion date of a bond-financed additional project or project improvement.

The MDTA Board has adopted several financial management policies for guidance to address the key aspects of fiscal planning, issuing debt, approving bond sales, conducting bond closings and investment strategies. These policies require the MDTA’s strict adherence to prudent financial management, compliance with the Rate Covenant, and the setting of liquidity standards and debt affordability tests. The policies are reviewed periodically and modified as appropriate. These include Board Policies on Debt Management, Revenue Bonds, Preparation of Financial Forecasts, Investment Management and Revenue.

The Debt Management Board Policy provides an adminis-trative policy goal which, in most situations, presents a higher and more stringent test of adequacy of revenues than the Rate Covenant. In this Debt Service Coverage Policy, the net revenues cannot be less than 2.5 times the Debt Service Requirement of cur-rent and projected outstanding debt. In addition, to ensure that adequate liquidity is available, the Policy requires that the MDTA maintain an unrestricted cash balance of at least $350 million.

Financial investments of the MDTA are substantially con-trolled by provisions of the Trust Agreement. Investments are purchased in accordance with bond indenture and Investment Policy limitations. As required by the bond indenture, the invest-ment portfolio is managed by MDTA staff with oversight by the Investment and Finance Committees. The Investment Committee consists of the Executive and Deputy Executive Directors, Chief Financial Officer, and Deputy Chief Financial Officers as voting members and the Director of Treasury and financial advisors serving as non-voting members. The Finance Committee is com-posed of four members of the MDTA Board that review at least annually the Investment Policy and at least quarterly the invest-ment strategy, practices, and portfolio performance.

The MDTA’s monies are primarily held in trust accounts cre-ated under the bond indenture, including various debt service accounts, debt service reserves, capital accounts, operating and maintenance reserves, and a general account. Available funds are conservatively invested in a variety of instruments including money market mutual funds, U.S. Government and Agency de-bentures, municipal bonds, Tier-1 rated corporate commercial paper, and the Maryland Local Government Investment Pool. Certain accounts are invested on a matched-funding basis, with maturities matched to known or projected spending for debt ser-vice and capital accounts. Unrestricted funds and reserves are managed for total return.

Nice Bridge Toll Plaza


MAJOR INITIATIVES On July 1, 2015, the MDTA lowered certain toll rates and fees as a result of strong financial performance. In the fiscal years ended 2012 and 2014, the MDTA increased tolls significantly to help pay for the construction of two new facilities. Higher than expected traffic growth following the toll increases allowed the MDTA to revise some of these rates. Revised rates included toll rate reductions at the William Preston Lane Jr. Memorial (Bay) Bridge, Intercounty Connector/MD 200, and I-95 Express Toll Lanes; elimination of the monthly maintenance fee for E-ZPass Maryland accounts with a Maryland address; increased discounts for E-ZPass Maryland accounts at certain Maryland toll facilities; and increased discounts available to truckers on certain routes. Continued robust traffic growth in 2016 mitigated the revenue impact of these toll and fee reductions. Toll revenues declined by $5.1 million, or 0.8%, from 2015 and exceeded the revenue fore-cast for 2016.

In the year ended 2016, both the I-95 Express Toll Lanes and the Intercounty Connector completed the first full fiscal year of operations, with the I-95 Express Toll Lanes first opening in De-cember 2014 and the Intercounty Connector fully opening in No-vember 2014. The I-95 Express Toll Lanes is a $1.1 billion project that includes additional capacity on eight miles of I-95 in Balti-more from the I-95/I-895 split to north of the I-95/MD 43 inter-change and significant safety enhancements along the corridor. The Intercounty Connector is a $2.4 billion project that provides an 18-mile tolled highway connecting housing and employment centers in Montgomery and Prince George’s counties. The com-pletion of these major investments in system expansion allowed the MDTA to return to its traditional focus on preservation of its existing facilities. The MDTA’s six-year capital program includes a $1.9 billion investment in the MDTA’s facilities, with much of that funding dedicated to system preservation.

Both the I-95 Express Toll Lanes and the Intercounty Connec-tor utilize all-electronic tolling and variable pricing by time of day. The addition of all-electronic toll roads and tolling policies that encourage electronic tolling, like eliminating monthly E-ZPass

account fees and increasing discounts for E-ZPass Maryland cus-tomers, will continue to increase the use of electronic tolling as payment at the MDTA’s facilities. In fiscal 2016, a record 81% of transactions were collected electronically.

The growing use of electronic tolling requires strong toll-col-lection and enforcement policies. In 2013, the Maryland legisla-ture revised the toll-collection process to include Video Tolls as an alternative payment option to the existing cash and E-ZPass options. A Video Toll occurs when a vehicle goes through a toll-collection facility in Maryland without paying the toll using cash or an E-ZPass account. The registered owner of the vehicle is mailed a Notice of Toll Due, which must be paid within 30 days. If the Notice of Toll Due is not paid within 30 days, a citation and civil penalty is issued for each unpaid toll transaction.

The 2013 law also provided the MDTA with powerful enforce-ment tools to ensure collection of money owed to the MDTA. Since then, the MDTA has progressively applied these tools, in-cluding the implementation of citations and providing customers the ability to dispute a citation in court. In October 2015, the MDTA provided customers a one-month waiver program to al-low customers one final opportunity to pay outstanding tolls without civil penalties before implementing the final phase of en-forcement efforts. Following the waiver period, the MDTA began referring outstanding Video Toll violations to the Maryland Mo-tor Vehicle Administration for the suspension or non-renewal of vehicle registrations and began referring individuals to the State’s Central Collection Unit for debt collections. These efforts are ex-pected to increase collection rates as customers understand the consequences of failure to pay tolls.

Hatem Bridge

1-95 Express Toll Lanes (ETL)


ECONOMIC OUTLOOK The MDTA’s facilities are located primarily in the affluent Bal-timore and Washington metropolitan areas. Toll rate affordability and traffic levels are a function of many factors, including fuel prices, local and regional employment, income levels, working/driving age population, and long-distance travel along the Inter-state 95 Highway corridor.

Maryland’s diverse economy includes professional, business, education, and health-services sectors as the largest employers. The government sector, including both State and federal, ac-counts for approximately 17% of employment. While a majority is State and local government employment, federal government employment represents a higher proportion in Maryland than in other states. Favorably, federal employment in the State is rela-tively diverse with concentrations in health care, the sciences, and intelligence, which may help mitigate some risks of downsizing.

Due to a diverse economic base and proximity to federal jobs, unemployment in Maryland has historically been lower than the national average and less sensitive to national recessions. Unem-ployment data through August 2016 shows the State keeping pace with the national recovery. Maryland employment grew 1.6% over the 12-month period ended June 2016, while unemployment over the 12-month period ended August 2016 fell to 4.3% from 5.1%. This compares to national unemployment that fell to 4.9% from 5.1% during the same period. Unemployment in central Maryland counties, adjacent to or containing toll facilities, tends to be lower than the State average. In keeping with the growth in the U.S. economy overall, Maryland is expected to continue its improving employment trend, though the rate of growth may be hampered by potential disruptions in the government sector.

Maryland has exhibited stable population growth that has been similar to the national average in recent years, but the State trails the high growth regions in the south and west. Over the past five years through July 2015, the State’s estimated population rose at an annual rate of 0.74% to 6.0 million, compared with the national growth rate of 0.76%.

Fort McHenry Tunnel approach roadway and toll plaza

ICC /MD 200


Median incomes in the counties containing toll facilities tend to be higher than the State as a whole and well above the national average. The State’s eight largest counties account for approxi-mately 80% of employment. Howard, Montgomery, and Anne Arundel counties rank among the top 25 counties nationally in terms of median income. State wealth and income levels have consistently been well above average, with median household income of $74,149 in 2014 representing a strong 139% of the national average and ranking the State first in the country. This relative income advantage should continue to be supported by the highly educated work force. The Intercounty Connector/MD 200 is partly located in Montgomery County, which is among the na-tion’s wealthiest counties.

Due to its mature, multi-asset tolling system with strong coverage ratios and liquidity, the MDTA has maintained double- A credit ratings from Moody’s, S&P, and Fitch over the past several years, which are among the highest ratings for toll road sector entities.

AWARDS AND ACKNOWLEDGEMENTS The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the MDTA for its com-prehensive annual financial report for the fiscal year ended June 30, 2015. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently orga-nized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and appli-cable legal requirements.

A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program’s requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate.

The dedicated and knowledgeable staff of the MDTA’s Fi-nance Division was instrumental in the preparation of this CAFR. Furthermore, the assistance of the Division of Communi-cations was vital in the production and publication of the CAFR. The successful day-to-day operations of the MDTA would not be possible without the vision and leadership provided by the MDTA Board. We look forward to continuing this progress into 2017 and beyond.

Respectfully Submitted,


Jaclyn D. HartmanChief Financial Officer

Bay Bridge Toll Plaza and E-ZPass Only lanes


Pete K. RahnChairman

Katherine Bays ArmstrongMember

William H. Cox, Jr.Member

Peter J. BassoMember

William K. HellmannMember

W. Lee Gaines, Jr.Member

William C. Ensor, IIIMember

John Von ParisMember

Randall Nixon, Esq.Member

THE MARYLAND TRANSPORTATION AUTHORITY BOARD


MDTA ORGANIZATIONAL CHART


David GoldsboroughDirector, Information

Technology

David GreeneDirector, Business Planning, Policy &

Performance

Donna DiCerboDirector, Procurement

Rafael EspinozaTravel Plaza Coordinator

Tonya MorantDirector, Human Resources & Workforce Development

Meshelle HowardDirector,

Civil Rights and Fair Practices

Lynn Fry Manager, Asset Control

& Damage Recovery

Dan WilliamsChief Engineer

Jaclyn HartmanChief Financial Officer

Dennis SimpsonDirector, Project

Planning & Program Development

Jon RoyerIAG

David ChapinCoordinator,

Special Projects/ICC

Bob JordanManager, 3G Program

Cheryl SparksDirector,

Communications

Kimberly MillenderPrincipal Counsel

Col. Jerry JonesChief, Police

Sara CabreraChief, Equal Employment Opportunity

Paul TruntichDirector,

Environment, Safety & Risk Management

Percy DangerfieldChief Administrative

Officer

Deborah SharplessDeputy Executive

Director

John O’NeillChief of Operations

Jody McCurleyDirector, Audits

MARYLAND TRANSPORTATION AUTHORITY



MARYLAND TRANSPORTATION AUTHORITY COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 25

FINANCIAL Section



INDEPENDENT AUDITOR’S REPORT

Board of Trustees Maryland Transportation Authority Baltimore, Maryland

Report on the Financial Statements We have audited the accompanying financial statements of the business-type activities of the Maryland Transportation Authority (the Authority), an enterprise fund of the State of Maryland, as of and for the year ended June 30, 2016, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities of the Authority as of June 30, 2016, and the respective changes in financial position and cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

26 MARYLAND TRANSPORTATION AUTHORITY COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 27

Board of Trustees Maryland Transportation Authority

Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and net pension liability and pension contributions schedules as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Authority’s basic financial statements. The accompanying Combined Schedule of Revenue and Expenses for All Toll Facilities, the Schedules of Toll Transactions and Toll Revenue, and the Investments of Funds, and other information such as the introductory and statistical sections as outlined in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The Combined Schedule of Revenue and Expenses for All Toll Facilities, the Schedules of Toll Transactions and Toll Revenue, and the Investments of Funds is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the Combined Schedule of Revenue and Expenses for All Toll Facilities, the Schedules of Toll Transactions and Toll Revenue, and the Investments of Funds is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

The introductory section and statistical information as listed in the table of contents have not been subjected to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated September 30, 2016, on our consideration of the Authority’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the result of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Authority’s internal control over financial reporting and compliance.

CliftonLarsonAllen LLP Baltimore, Maryland September 30, 2016

28 MANAGEMENT’S DISCUSSION AND ANALYSIS MARYLAND TRANSPORTATION AUTHORITY

T he following Management’s Discussion and Analysis (MD&A) provides an overview of the Maryland Transportation Authority’s (MDTA) financial performance for the fiscal year ended June 30, 2016. As you read the MD&A, 2016 refers to the fiscal year

ended June 30, 2016, and 2015 refers to the fiscal year ended June 30, 2015. This narrative intends to supplement the MDTA’s audited financial statements, which are comprised of the basic financial statements and the notes to the financial statements.

FINANCIAL HIGHLIGHTS

• The MDTA’s net position totaled $3.9 billion in 2016, an increase of $312.0 million, or 8.7%, compared to 2015.

• As a result of significant infrastructure investment, capital assets, net of accumulated depreciation, increased by $114.8 million, or 2.0%, from 2015. The largest portion of the increase, $76.6 million, is attributed to system preservation and restoration of existing facilities. The remaining portion is attributed to expansion growth related to the I-95 Express Toll Lanes on the John F. Kennedy Memorial Highway.

• For the fiscal year ended June 30, 2016, the MDTA had total bonded debt outstanding of $3.11 billion, which includes $2.32 billion in revenue bonds backed by the MDTA’s toll revenues and $784.34 million in debt backed by sources external to the MDTA. The MDTA’s revenue bonds remain below the statutory cap of $2.325 billion and the MDTA maintains strong rate covenant coverage of 2.95 versus a 1.0 requirement.

• Operating revenues increased in 2016 by $8.3 million, or 1.0%, from 2015. The net increase includes increased revenue from land contributed for the Intercounty Connector that was offset by a reduction in toll revenues.

• On August 5, 2015, the MDTA issued $18.0 million of Lease Revenue Refunding Bonds, Series 2015 to refinance the outstand-ing Lease Revenue Bonds Calvert Street Parking Garage Project, Series 2005 to achieve debt service savings. The Series 2005 bonds financed the cost of a parking garage for State of Maryland employees in Annapolis, Maryland.

• The MDTA divested of several of its investments in the Port of Baltimore to focus on its core business of toll facilities. The Intermodal Container Transfer Facility, an on-dock railyard for moving cargo from bulkhead to railhead, was sold to the Mary-land Port Administration for $14.2 million. In addition, the Maryland Port Administration made a final advanced payment for financing provided by the MDTA in 1998 for the Masonville Auto Terminal.

• On July 1, 2015, the MDTA lowered certain toll rates and fees due, in part, to strong financial performance. Despite traffic growth of 9.4% across the MDTA’s facilities, toll revenue declined by $5.1 million, or 0.8%, due to the reduction in toll rates.

OVERVIEW OF THE FINANCIAL STATEMENTS

The MDTA is an independent agency of the State of Maryland that was created to manage the State’s toll facilities as well as to finance certain new revenue-producing transportation projects. The MDTA is a non-budgeted agency that relies solely on revenues generated from its transportation facilities. Disposition of these revenues is governed by a Trust Agreement between the MDTA and its Trustee. The MDTA is accounted for as a proprietary-type enterprise fund using the accrual basis of accounting, similar to a pri-vate business entity.

Financial StatementsThe financial statements included in this report are the: Statement of Net Position; Statement of Revenues, Expenses, and Changes

in Net Position; and Statement of Cash Flows. These statements have been prepared in accordance with accounting principles gener-ally accepted in the United States of America as promulgated by the Governmental Accounting Standards Board (GASB).

Statement of Net PositionThe Statement of Net Position depicts the MDTA’s financial position as of a point in time and includes all assets, liabilities, deferred

inflows, and deferred outflows. The net position represents the residual interest in the MDTA’s assets after liabilities and deferred inflows are deducted and are displayed in three components: 1) net investment in capital assets; 2) restricted; and 3) unrestricted.

Statement of Revenues, Expenses, and Changes in Net PositionThe Statement of Revenues, Expenses, and Changes in Net Position reports the revenues and expenses of the MDTA and is used

to measure the success of the MDTA’s operations for a given period of time and how the MDTA has funded its operations.

Management’s DISCUSSION and ANALYSIS

COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 MANAGEMENT’S DISCUSSION and ANALYSIS 29

TABLE 1: Assets, Liabilities, and Net Position(In Thousands)

For the Fiscal Years Ended June 30

2016 2015 Variance % Change

Current Assets $ 1,006,854 $ 900,999 $ 105,855 11.7%

Noncurrent Assets 629,630 695,788 (66,158) -9.5%

Capital Assets, net 5,876,420 5,761,623 114,797 2.0%

Total Assets $ 7,512,904 $ 7,358,410 $ 154,494 2.1%

Deferred Outflow of Resources $ 62,103 $ 32,738 $ 29,365 89.7%

Current Liabilities $ 387,504 $ 421,597 $ (34,093) -8.1%

Long-Term Bonds Payable 2,975,171 3,117,802 (142,631) -4.6%

Other Long-Term Liabilities 244,730 194,249 50,481 26.0%

Total Liabilities $ 3,607,405 $ 3,733,648 $ (126,243) -3.4%

Deferred Inflow of Resources $ 71,923 $ 73,845 $ (1,922) -2.6%

Net Position

Net Investment in Capital Assets $ 3,272,233 $ 3,063,498 $ 208,735 6.8%

Restricted 111,091 102,786 8,305 8.1%

Unrestricted 512,355 417,371 94,984 22.8%

Total Net Position $ 3,895,679 $ 3,583,655 $ 312,024 8.7%

Statement of Cash FlowsThe Statement of Cash Flows reconciles the changes in cash and cash equivalents with the noncapital financing, capital financing, and

investing activities.

Notes to the Financial StatementsThe Notes to the Financial Statements provide additional information that is essential to the full understanding of the data provided

in the financial statements. The Notes to the Financial Statements can be found on pages 41 to 73 of this report.

FINANCIAL ANALYSIS

Financial PositionTable 1 is a summarized version of the Statement of Net Position for the years ended June 30, 2016 and 2015. The table reflects the

MDTA’s overall change in financial resources and claims on those resources. The majority of the MDTA’s assets consist of cash, invest-ments, direct financing lease receivables, and capital assets. Liabilities primarily represent accounts payable, accrued liabilities, and bonds payable.

Current AssetsCurrent assets increased by $105.9 million, or 11.7%, in 2016 as compared to 2015. The increase in 2016 occurred primarily due to

an increase in the MDTA’s investments of $103.3 million, or 15.7%. Net operating revenues exceeded capital spending, which resulted in the growth of investment balances.


Noncurrent AssetsNoncurrent assets decreased by $66.2 million, or 9.5%, from 2015 to 2016. The reduction is primarily due to a decrease in restricted

investments of $41.6 million, or 18.8%, and a reduction in restricted cash and cash equivalents of $30.7 million, or 62.2%. These reduc-tions occurred primarily as a result of conduit bond proceeds spending, which were used to fund conduit capital projects.

Capital Assets, netTable 2 is a summarized version of the MDTA’s capital assets, net of depreciation, for the years ended June 30, 2016 and 2015. Invest-

ment in capital assets include land, construction in progress, highways, bridges, tunnels, buildings, machinery, equipment, and certain vehicles. Details of capital assets, additions, and depreciation are included in Note 4 to the financial statements.

As a result of significant infrastructure investment, capital assets, net of accumulated depreciation, increased by $114.8 million, or 2.0%, from 2015. The largest portion of the increase, $76.6 million, is attributed to system preservation and restoration of existing facili-ties. The remaining portion is attributed to expansion growth related to the I-95 Express Toll Lanes on the John F. Kennedy Memorial Highway.

Deferred Outflow of ResourcesIn addition to assets, the Statement of Net Position reports a separate section for deferred outflows of resources. The MDTA has two

items that qualify for reporting in this category – the deferred amount on refunding debt and deferred pension expense. (See Note 5 for additional information concerning deferred amount on refunding and Note 7 for additional information on deferred pension expense.) Deferred outflow of resources increased by $29.4 million, or 89.7%, from 2015 to 2016. This increase is primarily due to an increase in the MDTA’s net pension liability.

Current LiabilitiesCurrent liabilities decreased by $34.1 million, or 8.1%, in 2016 as compared to 2015. Much of the decrease is attributed to a $36.8

million decrease in accounts payable and accrued liabilities as the result of reduced spending in the MDTA’s capital program as major expansion work on the Intercounty Connector and I-95 Express Toll Lanes is nearly complete. Other notable changes include a $19.0 million increase for bonds payable, which is largely offset by a $15.5 million decrease for intergovernmental payable. The increase in bonds payable is primarily due to higher principal payments on the Series 2007, 2009A, and 2012 revenue bonds. The decrease in inter-governmental payable results from a reduction in funds held by the MDTA for certain conduit debt backed by passenger facility charges (see Note 10 for additional information).

TABLE 2: Capital Assets, Net of Depreciation(In Thousands)


2016 2015

Non-depreciated:

Land $ 397,382 $ 392,110

Construction in progress 1,286,379 1,351,992

1,683,761 1,744,102

Depreciated:

Infrastructure 4,041,909 3,874,236

Buildings 125,564 122,388

Machinery and Equipment and Vehicles 25,186 20,897

Total Capital Assets, Net $ 5,876,420 $ 5,761,623


Noncurrent LiabilitiesNoncurrent liabilities decreased by $92.2 million, or 2.8%, in 2016 as compared to 2015. This net decrease is primarily due to a $142.6

million decrease in long-term bonds payable that is offset by an increase of $50.4 million in the MDTA’s net pension liability. The de-crease in noncurrent bonds payable results from payments of principal on existing debt and some liabilities moving from noncurrent to current. Details of bonds payable can be found in Note 5 to the financial statements. Details of the net pension liability can be found in Note 7 to the financial statements.

Table 3 is a summary of outstanding bond debt.

The MDTA’s revenue bonds have underlying ratings of AA- by Standard & Poor’s Ratings Services and Fitch Ratings and Aa3 rating by Moody’s Investors Service. Pursuant to statute, the MDTA may issue revenue bonds secured by toll revenues in any amount provided the aggregate outstanding balance does not exceed $2.325 billion as of fiscal year end. The MDTA is subject to the provisions and restrictions of the Trust Agreement with the Trustee, The Bank of New York Mellon, dated as of September 1, 2007, as amended and supplemented. The MDTA’s rate covenant coverage for 2016 as defined by the Trust Agreement was 2.95 versus a 1.00 requirement.

Deferred Inflow of ResourcesIn addition to liabilities, the Statement of Net Position reports a separate section for deferred inflows of resources. The MDTA has two

items that qualify for reporting in this category – the deferred service concession arrangement and pension investment experience. (See Note 4 for additional information concerning service concession arrangements and Note 7 for additional information concerning GASB No. 68.) Deferred inflows of resources decreased by $1.9 million, or 2.6%. The decrease results from the amortization of the service concession arrangement for the two travel plazas that MDTA owns along I-95.

TABLE 3: Outstanding Bond Debt(In Thousands)


2016 2015

Transportation Facility Revenue $ 2,299,584 $ 2,318,289

GARVEE 279,780 349,440

Conduit Debt:

BWI Airport PFC Revenue 200,245 209,225

BWI Airport Rental Car Facility 90,900 93,785

BWI Airport Parking Garage Revenue 148,055 159,860

WMATA Metrorail Parking Revenue 25,440 27,200

Calvert Street Parking Revenue 18,011 18,585

Total Conduit Debt 482,651 508,655

Unamortized Premium 46,731 55,953

Total Bond Debt, Net $ 3,108,746 $ 3,232,337


Total Net PositionNet position includes net investment in capital

assets, restricted net position (restricted for debt service and capital expenses), and unrestrict-ed net position. In 2016, net position increased by $312.0 million, or 8.7%, compared to 2015. The increase in net position includes a $208.7 million increase in net investment in capital as-sets, a $95.0 million increase in unrestricted assets, and an $8.3 million increase in restricted net position. The increase in net investments in capi-tal assets resulted from payments on the MDTA’s outstanding debt and the use of cash reserves in the restoration of existing facilities. The increase in unrestricted assets results from the use of pay-as-you-go cash funding for capital projects. The increase in net position restricted for debt service results from increased debt service payments in 2016.

Results of OperationsTable 4 is a summarized version of the Statement of Revenues, Expenses, and Changes in Net Position for the fiscal years ended June 30.

TABLE 4: Revenues, Expenses, and Changes in Net Position(In Thousands)


2016 2015 Variance % Change

Operating revenues

Toll revenue $ 644,658 $ 649,791 $ (5,133) -0.8%

Concession revenue 6,213 5,070 1,143 22.5%

Intergovernmental revenue 130,301 128,579 1,722 1.3%

Toll administrative revenue 40,712 42,751 (2,039) -4.8%

Other revenue 14,195 1,568 12,627 805.3%

Total operating revenue 836, 079 827,759 8,320 1.0%

Operating expenses (422,525) (385,988) (36,537) 9.5%

Total operating revenues and expenses 413,554 441,771 (28,217) -6.4%

Non-operating revenues

Investment revenue 13,082 3,452 9,630 279.0%

Restricted interest income on investments 1,423 2,309 (886) -38.4%

Total non-operating revenue 14,505 5,761 8,744 151.8%

Non-operating expenses

Loss on disposal (6,155) (2,303) (3,852) 167.3%

Interest expense (109,880) (101,568) (8,312) 8.2%

Total non-operating expenses (116,035) (103,871) (12,164) 11.7%

Total non-operating revenues and expenses (101,530) (98,110) (3,420) -3.5%

Change in net position $ 312,024 $ 343,661 $ (31,637) -9.2%

Net Investment in Capital Assets Restricted Unrestricted

NET POSITION For the Fiscal Years Ended June 30

(In Millions)

2016 2015

$4,500$4,000$3,500$3,000$2,500$2,000$1,500$1,000

$500$0

$417.4$102.8

$3,063.5

Fiscal Year

TOTA

L NE

T PO

SITI

ON

$512.4$111.1

$3,272.2


Operating RevenuesMDTA’s operating revenues include revenues from tolls, fees,

concessions, intergovernmental, and other. In 2016, operating revenues increased by $8.3 million, or 1.0%, from 2015. This net increase includes a $12.6 million increase for other revenue related to land contributed for the Intercounty Connector, a $1.7 million increase in intergovernmental revenue resulting from a reim-bursement from the Federal Emergency Management Agency for Winter Storm Jonas, and a $1.1 million increase for concession revenue for the travel plazas that the MDTA owns along Interstate 95. Offsetting these increases was a decrease of $7.2 million, or 1.0%, for toll and administrative revenue as a result of reductions to certain toll rates and fees on July 1, 2015.

Toll Transactions and Revenue ComparisonToll transactions and toll revenue are generally correlated, but

variations due to vehicle class and payment type may occur. The MDTA’s facilities saw robust traffic growth of 9.4% systemwide in 2016. This includes growth of 2.9% at the legacy facilities (all facilities excluding the Intercounty Connector and I-95 Express Toll Lanes), growth of 24.3% on the Intercounty Connector, and growth of 109.5% on the I-95 Express Toll Lanes. Both the I-95 Express Toll Lanes and the Intercounty Connector completed the first full fiscal year of operations in 2016 with the I-95 Express Toll Lanes first opening in December 2014 and the Intercounty Connector fully opening in November 2014.

On July 1, 2015, the MDTA reduced certain toll rates and fees across the system. Modified rates included toll rate reductions at the William Preston Lane, Jr. Memorial Bridge (Bay Bridge), Intercounty Connector, and I-95 Express Toll Lanes; elimination of a monthly maintenance fee for Maryland E-ZPass accounts; increased discounts for Maryland-based E-ZPass accounts at certain Maryland toll facilities; and increased discounts available to truckers on certain routes. Strong traffic growth in 2016 mitigated the revenue impact of these toll and fee reductions. In total, revenue at all facilities declined by $5.1 million, or 0.8%. Revenue on the legacy facilities declined by $13.7 million, or 2.3%, with the largest portion of that decline at the Bay Bridge due to the Bay Bridge toll rates being reduced by the largest amount. Despite the toll rate reduction, revenue on the Intercounty Connector and I-95 Express Toll Lanes grew by 5.9% and 85.3%, respectively, as the ramp-up in operations continues for these facilities first fully opened to traffic in calendar year 2014.

Concession Revenue

$6.2 1%

Toll Administrative

Revenue $40.7 5%

SOURCES of REVENUE For the Year Ended June 30, 2016

(In Millions)

Intergovernmental Revenue $130.3 15%

Other Revenue $14.2 2%

Toll Revenue $644.7 77%

TOLL

TRA

NSAC

TION

S

TOLL

REV

ENUE

TRAFFIC VOLUME and REVENUE COMPARISON(In Thousands)

2016 Revenue 2015 Revenue

2016 Traffic 2015 Traffic

$70,000

$60,000

$50,000

$40,000

$30,000

$20,000

$10,000

$ July Aug Sept Oct Nov Dec Jan Feb Mar April May June

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0


Operating ExpensesThe MDTA’s operating expenses include toll collection, law

enforcement, maintenance, major repairs and replacements, ad-ministrative, depreciation, and pension. In 2016, operating ex-penses increased $36.5 million, or 9.5%, from 2015. The largest portions of that increase resulted from a $21.4 million increase in pension expense, an $11.9 million increase in depreciation, a $6.2 million increase in toll collection, police patrol, and maintenance and a $2.0 million increase in general and administrative expens-es. These increases were partially offset by decreases of $4.9 mil-lion in major repairs, replacement, and insurance. The pension expense increase resulted from the MDTA’s allocated portion of the State’s pension costs. The increase in depreciation is associat-ed with new infrastructure assets entering the depreciation cycle.

Non-Operating Revenues and ExpenseThe MDTA’s non-operating revenues include investment rev-

enue and restricted interest income on investments. Non-operat-ing expenses include loss on disposal of infrastructure and inter-est expense. Non-operating revenues and expenses decreased by $3.4 million, or 3.5%, in 2016 as compared to 2015. Non-operat-ing revenues increased $8.7 million, which was largely driven by an increase in investment revenue resulting from higher invest-ment balances, a revised investment strategy that extends dura-tion for the portfolio, and a significant decline in rates during the year that caused price appreciation. Despite the Federal Reserve’s increase of the Federal Funds target rate by 0.25% in December 2015, most portions of the yield curve experienced declining rates during the fiscal year. The declining interest rates resulted in fa-vorable mark-to-market price appreciation for bond investments. This increase in non-operating revenues was offset by increased non-operating expenses. The $12.2 million increase in non-operating expenses was driven by additional losses on disposals of capital assets that were not fully depreciated and an increase in interest expense associated with current bond amortization schedules.

Economic OutlookTraffic through the MDTA’s toll facilities has historically demonstrated less elasticity to economic conditions relative to other tolling

systems nationally. The MDTA benefits from essential highway, bridge, and tunnel connections serving the northeast corridor, as well as favorable proximity to government employment and a strong regional economy. In 2016, traffic volumes at the legacy facilities (excluding the Intercounty Connector and I-95 Express Toll Lanes) continued to grow for the second consecutive year and may have benefitted from reductions in certain toll rates and fees that took place on July 1, 2015. Traffic volumes on the Intercounty Connector and I-95 Express Toll Lanes maintained robust growth during the ramp-up phase while both facilities completed their first full year in operation.

Rate changes may influence traffic levels in the short-term, but historical data suggests that any dislocations will be temporary and traffic growth may resume as a function of external economic factors such as population, employment, fuel prices, and gross domestic product (GDP) growth. The Federal Open Market Committee is forecasting continued GDP growth and declines in national unemploy-ment for calendar years 2016 and 2017. Lower fuel prices and Maryland employment that increased 2.0% over the twelve-month period ended June 2016 may help support additional growth in traffic volumes. Traffic is projected to continue to grow in the fiscal year ended June 30, 2017, and resume a long-term growth trend of approximately 0.6% annually.

REQUESTS FOR INFORMATION

For additional information concerning the MDTA, please see the MDTA’s website, www.mdta.maryland.gov. Financial informa-tion can be found in the “About the MDTA” section of the website. The MDTA’s executive offices are located at 2310 Broening Highway, Baltimore, Maryland, 21224, and the main telephone number is 410-537-1000.

OPERATING EXPENSES For the Year Ended June 30, 2016

(In Millions)

Major Repairs, Replacement & Insurance

$3.2 1%

Depreciation $124.1 29%

General and Admin. $37.4 9%

Collection, Police Patrol, Maintenance

$216.2 51%

Pension Expense

$41.6 10%

BASIC Financial STATEMENTS

COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 35

36 BASIC FINANCIAL STATEMENTS MARYLAND TRANSPORTATION AUTHORITY

The accompanying notes are an integral part of the financial statements.

Maryland Transportation AuthoritySTATEMENT OF NET POSITION

June 30, 2016(In Thousands)

ASSETS

Current Assets

Cash and cash equivalents $ 76,289

Restricted cash and cash equivalents 103,196

Investments 762,750

Accounts receivable 23,785

Intergovernmental receivable 7,604

Inventory 5,582

Accrued interest 2,623

Direct financing lease receivable 25,025

Total Current Assets 1,006,854

Noncurrent Assets

Restricted cash and cash equivalents 18,698

Restricted investments 179,163

Total Restricted Assets 197,861

Capital assets, not being depreciated 1,683,761

Capital assets being depreciated, net of accumulated depreciation 4,192,659

Total Capital Assets 5,876,420

Direct financing lease receivable, net of current portion 420,797

Other assets 10,972

Total Noncurrent Assets 6,506,049

Total Assets 7,512,904

Deferred Outflow of Resources

Deferred loss on refunding 7,577

Deferred pension expense 54,526

Deferred Outflow of Resources 62,103

Total Assets and Deferred Outflow of Resources $ 7,575,007

COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 BASIC FINANCIAL STATEMENTS 37


Maryland Transportation AuthoritySTATEMENT OF NET POSITION

June 30, 2016(In Thousands)

LIABILITIES and NET POSITION

Current Liabilities

Accounts payable & accrued liabilities $ 80,865

Intergovernmental payable 68,879

Unearned revenue 24,405

Accrued interest 64,195

Contractor deposits and retainage 12,977

Accrued annual leave 658

Accrued workers’ compensation costs 1,950

Bonds payable 133,575

Total Current Liabilities 387,504

Noncurrent Liabilities

Contractor retainage, net of current position 1,222

Accrued annual leave, net of current position 9,803

Accrued worker’s compensation costs, net of current portion 11,052

Bonds payable, net of current portion 2,975,171

Net Pension Liability 222,653

Total Noncurrent Liabilities 3,219,901

Total Liabilities 3,607,405

Deferred Inflow of Resources

Deferred service concessions 53,222

Deferred pension investment experience 18,701

Deferred Inflow of Resources 71,923

Net Position

Net investment in capital assets 3,272,233

Restricted for:

Debt service 111,041

Capital expenses 50

Unrestricted 512,355

Total Net Position 3,895,679

Total Liabilities, Deferred Inflow, and Net Position $ 7,575,007


Maryland Transportation AuthoritySTATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

Year Ended June 30, 2016(In Thousands)

Operating Revenues

Toll $ 644,658

Intergovernmental 130,301

Toll administrative 40,712

Concession 6,213

Other 14,195

Total operating revenue 836,079

Operating Expenses

Collection, police patrol, and maintenance 216,226

Major repairs, replacements, and insurance 3,269

General and administrative 37,372

Depreciation 124,094

Pension expense 41,564

Total operating expenses 422,525

Income from operations 413,554

Non-operating Revenues (Expenses)

Investment revenue 13,082

Restricted interest income on investments 1,423

Loss on disposal of infrastructure (6,155)

Interest expense (109,880)

Total non-operating revenues & expenses (101,530)

Change in net position 312,024

Net Position - Beginning of Year 3,583,655

Net Position - End of Year $ 3,895,679


COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 BASIC FINANCIAL STATEMENTS 39

Maryland Transportation AuthoritySTATEMENT OF CASH FLOWS


Cash Flows from Operating Activities

Receipts from toll collections and ticket sales $ 685,001

Receipts from concessions and other revenue 20,202

Receipts from other governmental agencies for services 120,872

Payments to employees (173,687)

Payments to suppliers (143,286)

Net cash provided by operating activities 509,102

Cash Flows from Noncapital Financing Activities

Bond Proceeds 18,011

Noncapital debt interest payments (22,228)

Noncapital debt principal payments (44,015)

Payments for direct financing leases (113,074)

Payments received on direct financing leases 122,030

Net cash used in noncapital financing activities (39,276)

Cash Flows from Capital Financing Activities

Capital debt interest payments (114,736)

Capital debt principal payments (88,365)

Acquisition and construction of capital assets (265,818)

Insurance proceeds 589

Proceeds from sales of capital assets 17,671

Net cash used in capital financing activities (450,659)

Cash Flow from Investing Activities

Proceeds from sales of investment 682,773

Proceeds from interest income on investments 13,998

Purchase of investment (744,475)

Net cash used in investing activities (47,704)

Net Decrease In Cash And Cash Equivalents (28,537)

Cash and Cash Equivalents - Beginning of Year 226,720

Cash and Cash Equivalents - End of Year $ 198,183




Maryland Transportation AuthoritySTATEMENT OF CASH FLOWS (continued)


Reconciliation of Operating Income to Net Cash Provided by Operating Activities

Income from operations $ 413,554

Deferred inflow service concession receipts (86)

Deferred inflow pension investment (154)

Deferred outflow pension expense & actuarial assumption (30,582)

Depreciation 124,094

Effect of Changes in operating assets and liabilities:

Accounts receivable and intergovernmental receivables (2,588)

Inventory (130)

Note receivable 7,147

Contractor deposits 50

Accounts payable and accrued liabilities (36,778)

Intergovernmental payables (15,487)

Unearned revenue 1,010

Accrued annual leave (150)

Net pension liability 50,399

Accrued workers’ compensation costs 547

Contractor deposits payable (1,744)

Net Cash Provided By Operating Activities $ 509,102

COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 NOTES to the FINANCIAL STATEMENTS ($ IN THOUSANDS) 41

NOTE 1 – SUMMARY of SIGNIFICANT ACCOUNTING POLICIES

Legislative Enactment

T he Maryland Transportation Authority (MDTA) was established by Chapter 13 of the Laws of Maryland of 1971. The MDTA is part of the primary government of the State of Maryland and is reported as a proprietary fund and business-type activity within

the State of Maryland’s financial statements.

The legal mandate of the law establishes that the MDTA was created to manage the State’s toll facilities, as well as to finance certain new revenue-producing transportation projects. The MDTA is responsible for supervising, financing, constructing, operating, main-taining and repairing the State’s toll facilities in accordance with an Amended and Restated Trust Agreement dated as of September 1, 2007 (the Trust Agreement) and the Supplemental Trust Agreements dated as of March 1, 2008; April 29, 2008; December 1, 2008; December 1, 2009; July 1, 2010; and February 1, 2012, relating to the Maryland Transportation Authority Transportation Facilities Projects Revenue Bonds, Series 2007, 2008, 2008A, 2009A, 2009B, 2010A, and 2010B and the Transportation Facilities Projects Rev-enue Refunding Bonds Series 2012, respectively.

The MDTA is responsible for various projects (the Transportation Facilities Projects, as defined under the Trust Agreement), the revenue from which has been pledged to the payment of the toll revenue bonds issued under the Trust Agreement. The Transporta-tion Facilities Projects consist of the following:

• Potomac River Bridge – Harry W. Nice Memorial Bridge

• Chesapeake Bay Bridge – William Preston Lane, Jr. Memorial Bridge

• Patapsco Tunnel – Baltimore Harbor Tunnel

• Baltimore Outer Harbor Crossing – Francis Scott Key Bridge

• Northeastern Expressway – John F. Kennedy Memorial Highway, including the I-95 Express Toll Lanes (I-95 ETL)

• Fort McHenry Tunnel

• Intercounty Connector (ICC/MD 200)

In addition to the above facilities, the MDTA is permitted to construct and/or operate other projects, the revenues from and for which are also pledged to the payment of the bonds issued under the Trust Agreement unless and until, at the MDTA’s option, such revenue is otherwise pledged. Currently, the Thomas J. Hatem Memorial Bridge (Susquehanna River Bridge) is the only General Ac-count Project as defined under the Trust Agreement.

In addition to the foregoing facility, the MDTA is permitted to finance other projects (the Transportation facilities projects, as defined by Maryland statute) the revenues from and for which are pledged to the payment of bonds issued under various other trust agreements. Therefore, the MDTA may issue revenue bonds that are secured by revenues pledged from or relating to certain proj-ects which are not secured by MDTA’s toll revenues. To date, the MDTA has also issued revenue bonds for various Transportation facilities projects at the Baltimore/Washington International Thurgood Marshall Airport (BWI Marshall Airport) in Anne Arundel County, Maryland; for vehicle-parking facilities projects at certain Metrorail stations operated by the Washington Metropolitan Area Transit Authority (WMATA) in Prince George’s County, Maryland; and for a State parking facility in Annapolis, Maryland.

The MDTA has issued Airport Parking Revenue Refunding Bonds, Series 2012A and 2012B to refund the previously outstanding Series 2002A and Series 2002B Airport Parking Revenue Bonds; BWI Consolidated Rental Car Facility Revenue Bonds, Series 2002; BWI Variable Rate Passenger Facility Charge Revenue Bonds, Series 2012C; BWI Passenger Facility Charge Revenue Bonds, Series 2012A, 2012B, and 2014; Lease Revenue Refunding Bonds, Series 2014 to refund the previously outstanding Lease Revenue Bonds, Metrorail Parking Projects, Series 2004; Parking Lease Revenue Bonds, Lease Revenue Refunding Bonds, Series 2015 to refund the previously outstanding Lease Revenue Bonds, Calvert Street Parking Garage Project, Series 2005; and Grant Anticipation Revenue Vehicle Bonds (GARVEE), Series 2007 and 2008.

The State of Maryland prepares a comprehensive annual financial report (CAFR). The MDTA is an enterprise fund of the State of Maryland and is included in the basic financial statements of the CAFR of the State of Maryland. The State’s CAFR can be found at www.marylandtaxes.com.

NOTE 1 – SUMMARY of SIGNIFICANT ACCOUNTING POLICIES

NOTES to the FINANCIAL Statements

42 NOTES to the FINANCIAL STATEMENTS ($ IN THOUSANDS) MARYLAND TRANSPORTATION AUTHORITY

Basis of Accounting PresentationThe MDTA is accounted for as a proprietary fund engaged in business-type activities. In accordance with Government Accounting

Standards Board (GASB) Statement No. 34, “Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments”, as amended, and with accounting principles generally accepted in the United States of America, the financial statements are prepared on the accrual basis of accounting, which requires recognition of revenue when earned and expenses when incurred.

Use of Estimates in Preparing Financial StatementsThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America

requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates.

Operating and Non-Operating Revenues and ExpensesOperating revenues for the MDTA are derived from toll revenues and related toll administrative revenue, travel plaza concessions,

and intergovernmental revenues. Revenue is recognized on an accrual basis as earned. Prepaid electronic tolls are recorded as unearned revenue until utilized or expired. Operating expenses include collection fees, maintenance and repairs of facilities, administrative, de-preciation, and pension. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.

Cash and Cash EquivalentsCash and cash equivalents include cash on hand, cash deposited with financial institutions, and investments with original maturities

of three months or less at the time of purchase.

ReceivablesReceivables include intergovernmental, direct financing lease, and accounts receivable. Intergovernmental receivables represent

amounts due for police services and rental income. Direct financing lease receivable represents amounts due from obligors on conduit debt issued by the MDTA. Accounts receivable represents the amounts due primarily from other E-ZPass states and concessionaires. The MDTA uses the allowance method to provide for doubtful accounts based on management’s evaluation of the collectability of receivables and past collection history. The MDTA determines receivables to be delinquent when they become greater than 90 days past due. Receiv-ables are written off when it is determined that amounts are uncollectible. As of June 30, 2016, management believes all receivables are collectible, and, as such, no allowance for doubtful accounts has been recorded.

InvestmentsInvestments are carried at fair value with all income, including unrealized changes in the fair value of investments, reported as interest

and other investment income in the accompanying financial statements.

The MDTA’s Trust Agreement defines the types of securities authorized as appropriate investments for the MDTA and conditions for making investment transactions. Investment transactions may be conducted only through authorized financial dealers and institutions.

InventoryInventory consists primarily of spare parts, salt and supplies carried at cost using a weighted average cost method. The cost of inven-

tory is expensed upon use (consumption method). The MDTA analyzes inventory for impairment on a periodic basis. For the year ended June 30, 2016, the MDTA determined no inventory was impaired, and, as such, no allowance was recorded.

NOTE 1 – SUMMARY of SIGNIFICANT ACCOUNTING POLICIES (Continued)


Capital AssetsCapital assets, not being depreciated, consist of land and construction in progress, which are recorded at historical cost. Land is

determined to have an inexhaustible life. Construction in progress is transferred to a depreciating asset category upon completion of the project at which time depreciation will commence. Capital assets, net of depreciation, consist of buildings, building improvements, infrastructure, machinery, equipment and vehicles, which are recorded at historical cost less accumulated depreciation. The MDTA de-fines capital assets as assets with an initial individual cost of $100 or more, and an estimated useful life in excess of seven years.

Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construc-tion phase of capital assets of business – type activities is included as part of the capitalized value of the assets constructed. The total interest expense incurred by the MDTA during the current fiscal year was $116,558, of which $6,678 was included as part of the cost of capitalized assets under construction and $109,880 was expensed.

Land improvements, buildings, building improvements, infrastructure, machinery, vehicles and equipment are depreciated using the straight line method of depreciation over the following estimated useful lives:

Restricted AssetsIn accordance with the Trust Agreements, the MDTA has established and maintains certain restricted accounts. Funds have been

deposited in these accounts and are restricted for the payment of debt service related to the revenue bonds, Intercounty Connector miti-gation, and conduit related debt.

Compensated Absences The MDTA accrues compensated absences in accordance with GASB Statement No. 16, “Accounting for Compensated Absences”. All full-time MDTA employees, except contractual employees, accrue annual leave at variable rates based on the number of years employed by the State of Maryland. The maximum annual leave an employee can earn per calendar year is 25 days. At the end of each calendar year, an employee’s accrued annual leave may not exceed 75 days. All full-time MDTA employees, except contractual employ-ees, also accrue sick pay benefits. However, the MDTA does not record a liability for accrued sick pay benefits, as neither the State of Maryland nor the MDTA has a policy to pay unused sick leave when employees terminate from State service.

Arbitrage PayableArbitrage rebate requirements under Internal Revenue Code Section 148 apply to tax-exempt bond issuances issued after August 31,

1986. The law requires the computation and payment of arbitrage profits on unspent proceeds of a bond issue if the current investment of these funds yields a higher rate of return than the original bond issue. For the year ended June 30, 2016, there is no arbitrage liability due to the Internal Revenue Service.

Capital Asset Type Useful Life

Land Improvements 20 Years

Buildings & Building Improvements 25-75 Years

Infrastructure 40-75 Years

Machinery, Equipment & Vehicles 7-20 Years



Deferred Outflows/Inflows of ResourcesIn addition to assets, the Statement of Net Position reports a separate section for deferred outflows of resources. This separate financial

statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period and will not be recognized as an outflow of resources (expenses) until then. The MDTA has two items that qualify for reporting in this category, the deferred amount on refunding debt and deferred pension expense (GASB No. 68), which are reported in the Statement of Net Position. (See Note 5 for additional information concerning deferred amount on refunding and Note 7 for additional information concerning GASB No. 68.)

In addition to liabilities, the Statement of Net Position reports a separate section for deferred inflows of resources. This separate fi-nancial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period and will not be recognized as an inflow of resources (revenue) until that time. The MDTA has two items that qualify for reporting in this category, the deferred service concession arrangement and pension investment experience (GASB No. 68), which are reported in the Statement of Net Position. (See Note 4 for additional information concerning service concession arrangements and Note 7 for additional information concerning GASB No. 68.)

Debt Issuance Costs, Bond Discounts/Premiums Debt issuance costs are expensed in the year the cost was incurred. Bond discounts/premiums and deferred amounts on refunding

debt are amortized over the contractual term of the bonds using the effective interest method.

PensionsFor purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pen-

sions, and pension expense, information about the fiduciary net position of the Pension Plans (Plans) and additions to/deductions from their fiduciary net position have been determined on the same basis as they are reported by Plans. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.

Net PositionNet position is divided into three categories. Net investment in capital assets includes capital assets less accumulated depreciation and

outstanding principal of the related debt. Restricted net position reflects restrictions on assets imposed by parties outside of the MDTA. Net position restricted for capital expenses includes Intercounty Connector restricted funds. Unrestricted net position is total net posi-tion of the MDTA less net position invested in capital assets, net of related debt, and restricted net position.

New Accounting PronouncementsThe MDTA has implemented the following GASB issued statements:

GASB issued Statement No. 72, “Fair Value Measurement and Application”. This Statement addresses accounting and financial report-ing issues related to fair value measurements. The definition of fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This Statement provides guidance for determining a fair value measurement for financial reporting purposes. This Statement also provides guidance for applying fair value to certain investments and disclosures related to all fair value measurements.

GASB issued Statement No. 76, “The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments”. This Statement eliminates two of the four categories of authoritative Generally Accepted Accounting Principles that exists under the existing hierarchy prescribed by Statement No. 55. The two categories that will remain under the new standard are (1) GASB Statements and (2) GASB technical bulletins and implementation guides in addition to American Institute of Certified Public Accountants guidance that the GASB clears.



Upcoming Accounting PronouncementsIn June 2015, GASB issued Statement No. 73, “Accounting and Financial Reporting for Pensions and Related Assets That Are Not within

the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statement 67 and 68”. GASB Statement No.73 gener-ally aligns the reporting requirements for pension and pension plans not covered in GASB Statement No. 67 and 68 with the reporting requirements in Statement No. 68. GASB Statement No. 73 will become effective for fiscal years beginning after June 15, 2015, with the exception of the “provision that addresses employers and governmental nonemployer contributing entities for pensions that are not within the scope of Statement No. 68, which are effective for fiscal years beginning after June 15, 2016”.

In June 2015, GASB issued Statement No. 74, “Financial Reporting for Postemployment Benefit Plans”. GASB Statement No. 74 ad-dresses reporting by other postemployment benefits (OPEB) plans that administer benefits on behalf of governments. This statement will become effective for the fiscal year beginning after June 15, 2016.

In June 2015, GASB issued Statement No. 75, “Accounting and Financial Reporting for Post-Employment Benefits Plans Other Than Pension Plans”. GASB Statement No. 75 provides guidance on reporting by governments that provide OPEB to their employees and for governments that Finance OPEB for employees of other governments. This statement will become effective for the fiscal year beginning after June 15, 2017.

In December 2015, GASB issued Statement No. 78, “Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans”. The objective of this Statement is to address a practice issue regarding the scope and applicability of Statement No. 68, “Accounting and Financial Reporting for Pensions”. This issue is associated with pensions provided through certain multiple-employer defined benefit pension plans and to state or local governmental employers whose employees are provided with such pensions. This Statement will be-come effective for the fiscal years beginning after December 15, 2015.

In December 2015, GASB issued Statement No. 79, “Certain External Investment Pools and Pool Participants”. This Statement ad-dresses accounting and financial reporting for certain external investment pools and pool participants. Specifically, it establishes criteria for an external investment pool to qualify for making the election to measure all of its investments at amortized cost for financial report-ing purposes. This Statement will become effective for the fiscal years beginning after December 15, 2015.

In January 2016, GASB issued Statement No. 80, “Blending Requirements for Certain Component Units – an amendment of GASB Statement No. 14”. The objective of this Statement is to improve financial reporting by clarifying the financial statement presentation requirements for certain component units. This Statement amends the blending requirements established in paragraph 53 of Statement No. 14, “The Financial Reporting Entity”, as amended. This Statement will become effective for the fiscal years beginning after June 15, 2016.

In March 2016, GASB issued Statement No. 81, “Irrevocable Split – Interest Agreements”. The objective of this Statement is to improve accounting and financial reporting for irrevocable split-interest agreements by providing recognition and measurement guidance for situations in which a government is a beneficiary of the agreement. This Statement will become effective for the fiscal years beginning after December 15, 2016.

In March 2016, GASB issued Statement No. 82, “Pension Issues – An Amendment of GASB Statements No. 67, No. 68, and No. 73”. The objective of this Statement is to address certain issues that have been raised with respect to Statements No. 67, “Financial Reporting for Pension Plans”; No. 68, “Accounting and Financial Reporting for Pensions”; and No. 73, “Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68”. This Statement will become effective for the fiscal years beginning after June 15, 2017.

The MDTA has not completed the process of evaluating the impact that will result from adopting GASB Statements No. 73, No. 74, No. 75, No. 78, No. 79, No. 80, No. 81, and No. 82 and therefore is unable to disclose the impact that adopting these statements may have on the MDTA’s financial position.



Cash and Cash EquivalentsAs of June 30, 2016, carrying amounts and bank balances of cash on deposit with financial institutions were $52,310 and $45,863,

respectively. Cash on hand totaled $582.

Custodial credit risk – deposits. Custodial credit risk is the risk that, in the event of a bank failure, the MDTA’s deposits may not be returned. Deposits are exposed to custodial credit risk if they are not covered by depository insurance and the deposits are (a) uncollat-eralized, (b) collateralized with securities held by the pledging financial institution, or (c) collateralized with securities held by the pledg-ing financial institution’s trust department or agent but not in the government’s name. The MDTA’s Trust Agreement requires financial institutions to provide collateral with a market value that exceeds the amount by which a deposit exceeds deposit insurance.

Federal depository insurance covers the MDTA’s deposits with a financial institution up to specified limits, and the remaining balance is collateralized with securities that are held by the State of Maryland’s agent in the State’s name.

As of June 30, 2016, the carrying amount of cash invested in money market mutual funds and the Maryland Local Government In-vestment Pool was $145,291.

Custodial credit risk – investments. Custodial credit risk is the risk that, in the event of the failure of the counterparty, the MDTA will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. Investment securi-ties are exposed to custodial credit risk if the securities are uninsured, not registered in the name of the government, or held by either (a) the counterparty or (b) the counterparty’s trust department or agent but not in the government’s name. The MDTA’s Trust Agreement requires all investments to be registered in the MDTA’s name.

Credit risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The MDTA’s Trust Agreement allows the MDTA to invest in money market mutual funds rated AAAm or Aaa-mf. As of June 30, 2016, the money market mutual funds held by the MDTA were rated AAAm.

InvestmentsFor the year ended June 30, 2016, the MDTA’s investments and credit ratings consisted of the following:

Investment Maturities (in Years) Credit Ratings

More Than Investment Type Fair Value1 Less Than 1 1-5 6-10 10 Ratings NRSRO

U.S. Treasury $ 16,980 $ 775 $ 7,336 $ 8,869 $ – AA+ S&P

U.S. Agencies 822,729 9,955 788,838 23,936 – AA+ S&P

SBA Pool Securities 432 – 432 – – Not Rated2

Commercial Paper 957 957 – – – Tier-1 Multiple3

Municipal 100,815 – 89,997 9,528 1,290 AAA Multiple4

$ 941,913 $ 11,687 $ 886,603 $ 42,333 $ 1,290

(1) Level 1 pricing, quoted prices in active markets.

(2) Small Business Administration Pool Securities are not rated, but are federally guaranteed.

(3) All commercial paper holdings have Tier-1 credit ratings from at least two NRSROs.

(4) All municipal bond holdings have triple-A credit ratings from at least two NRSROs.

NRSRO: Nationally Recognized Statistical Ratings Organinzations

NOTE 2 – DEPOSITS and INVESTMENTS


Interest rate risk. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. This risk is higher in debt securities with longer maturities. The MDTA’s Investment Policy limits investment maturities by fund in order to minimize interest rate risk and match maturities with expected funding needs. As a means of limiting its exposure to market value fluc-tuations, the MDTA has limited investments in the Operating and Bond Funds to one year. The Operating Reserve Fund, Maintenance and Operations Reserve Fund, Capital Fund, and General Fund are typically limited to five years. The Debt Service Reserve Fund is limited to fifteen years.

Credit risk. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The MDTA’s policy allows for investment in obligations of the U.S. Treasury including bills, notes, and bonds; obligations of U.S. agencies; repurchase agreements secured by U.S. Treasury Obligations or Federal Agency Obligations; bankers’ acceptances issued by a domestic bank or a federally chartered domestic office of a foreign bank with the short-term paper rated no lower than P-1 by Moody’s Investor Services and A-1 by Standard & Poor’s; and municipal securities in the highest rating category by at least two Nationally Recognized Statistical Ratings Organizations (NRSRO).

Concentration of Credit Risk. Concentration of credit risk is the risk of loss attributed to the magnitude of a government’s investment in a single issuer. The MDTA’s Investment Policy does not place a limit on the amount of U.S. Government Agency investments, but does limit single issuer exposure to 35%. Commercial paper and municipal bond credit exposures are limited to 20% of investments per sector, with single issuer exposures limited to 5%. Small Business Administration (SBA) Pool securities are limited to 5% of investments and 0.5% per issue. The issuing commercial paper corporation must have short- and long-term credit ratings from any two NRSROs of not less than first-tier and single-A, respectively, while municipal issues must have triple-A ratings. More than 5% of the MDTA’s investments are in securities issued by the Federal National Mortgage Association, Federal Home Loan Bank, Federal Farm Credit Bank, and Federal Home Loan Mortgage Corporation, representing 31.8%, 25.2%, 8.7%, and 5.9% of total investments, respectively.

All of the MDTA’s investments are measured at fair value using valuation hierarchy. Valuation hierarchy’s three levels include, Level 1 – quoted prices in active markets for identical assets, Level 2 – inputs are observable for the asset, either directly or indirectly, but exclude quoted prices, Level 3 – inputs are unobservable and may be based on valuation techniques such as market, cost, or income. All of the MDTA’s financial investments are measured using quoted market prices that are categorized as Level I in the fair value hierarchy. These financial investments include U.S. Treasury Securities, U.S. Agency securities, SBA Pool Securities, Commercial Paper and Municipal securities. Level 3 valuation is utilized for a non-financial asset, the Canton Development Company (short-line railroad). The Level 3 valuation of $20,253 is based on an appraisal of the property.

NOTE 2 – DEPOSITS and INVESTMENTS (Continued)


Restricted assets are to be used to construct projects to be leased under direct financing lease agreements or to retire debt incurred to finance the assets leased.

The MDTA’s restricted cash and cash equivalents and restricted investments as of June 30, 2016, are as follows:

Restricted Cash and Cash Equivalents and Restricted Investments

Current Non-Current Total

Restricted Cash and Cash EquivalentsCapital projects $ – $ 50 $ 50

Debt service and debt service reserves 88,586 671 89,257

Conduit projects:

BWI projects 12,374 17,783 30,157

WMATA Metrorail projects 2,000 191 2,191

Calvert Street parking garage project 236 3 239

Total Restricted Cash and Cash Equivalents 103,196 18,698 121,894

Restricted InvestmentsDebt service and bond reserves – 79,323 79,323

Conduit projects:

BWI projects – 97,542 97,542

WMATA Metrorail projects – 2,298 2,298

Total Restricted Investments – 179,163 179,163

Total Restricted Cash and Cash Equivalents and Investments $ 103,196 $ 197,861 $ 301,057

NOTE 3 – RESTRICTED CASH and CASH EQUIVALENTS and RESTRICTED INVESTMENTS


A summary of the changes in the MDTA’s capital assets for the year ended June 30, 2016, is as follows:

Balance Additions Deductions Balance June 30, 2015 and Transfers and Transfers June 30, 2016

Capital assets not being depreciated:

Land $ 392,110 $ 15,480 $ (10,208) $ 397,382

Construction in progress 1,351,992 239,222 (304,835) 1,286,379

Total non-depreciated 1,744,102 254,702 (315,043) 1,683,761

Capital assets being depreciated:

Infrastructure 5,336,470 299,529 (40,918) 5,595,081

Buildings 145,744 5,254 (794) 150,204

Equipment 48,092 8,656 (3,531) 53,217

5,530,306 313,439 (45,243) 5,798,502

Less accumulated depreciation for:

Infrastructure 1,462,234 117,783 (26,845) 1,553,172

Buildings 23,356 1,968 (684) 24,640

Equipment 27,195 4,343 (3,507) 28,031

1,512,785 124,094 (31,036) 1,605,843

Total depreciated 4,017,521 189,345 (14,207) 4,192,659

Capital Assets, Net $ 5,761,623 $ 444,047 $ (329,250) $ 5,876,420

NOTE 4 – CAPITAL ASSETS


Pollution Remediation ObligationsThe MDTA has recognized a pollution remediation obligation per GASB Statement No. 49, “Accounting and Financial Reporting for

Pollution Remediation Obligations”, on the Statement of Net Position. A pollution remediation obligation is an obligation to address the current or potential detrimental effects of existing pollution by participating in pollution remediation activities, including pre-cleanup activities, cleanup activities, government oversight and enforcement and post-remediation monitoring.

Obligating events that initiate the recognition of a pollution remediation liability include any of the following:

• An imminent threat to public health due to pollution;

• The government is in violation of a pollution prevention-related permit or license;

• The government is named by a regulator as a responsible or potentially responsible party to participate in remediation;

• The government is named or there is evidence to indicate that it will be named in a lawsuit that compels participation in remedia-tion activities; or

• The government voluntarily commences or legally obligates itself to commence remediation efforts.

The pollution remediation obligation is an estimate and subject to change resulting from price increases or reductions, technology advances or from changes in applicable laws or regulations. The liability is recognized as it becomes estimable. In some cases, this may be at inception. In other cases, components of a liability are recognized as they become reasonably estimable. The measurement of the liability is based on the current value of outlays to be incurred using the expected cash flow technique. This technique measures the sum of probability-weighted amounts in a range of possible potential outcomes.

The MDTA’s pollution remediation liability for the year ended June 30, 2016, is estimated to be $788 and is included in Accounts Pay-able & Accrued Liabilities on the Statement of Net Position.

Service Concession ArrangementsThe MDTA and Areas USA entered into a Service Concession Arrangement (SCA) in 2012 to redevelop and operate the two travel

plazas that the MDTA owns along the John F. Kennedy Memorial Highway (I-95). The structure of the agreement between the MDTA and Areas USA is a long-term lease and concession. The MDTA retains ownership of the property and assets. All property and improve-ments, with the exception of the fueling systems, are returned to the MDTA at the end of the 35-year capital lease. The MDTA will derive several financial benefits from this agreement including: reduced future operating and capital expenses, debt capacity will be reserved for core business activities, and revenue is guaranteed over the life of the agreement. Areas USA will operate and maintain the travel plazas through the year 2047.

Virtual Weigh StationsIn the fiscal year ended June 30, 2016, the Maryland State Highway Administration transferred ownership of two existing virtual

weigh station sites located on MDTA facilities. The two sites are located northbound on I-95 at the Caton Avenue exit ramp and west-bound on US 50 at the Bay Bridge. The MDTA will be responsible for all maintenance costs including post warranty sensor replacements.

NOTE 4 – CAPITAL ASSETS (Continued)


Changes in long-term liabilities for the year ended June 30, 2016, are summarized as follows:

Revenue BondsThe Series 2007, 2008, 2008A, 2009A, 2009B, 2010A, and 2010B Revenue Bonds and the Series 2012 Revenue Refunding Bonds is-

sued in accordance with the provisions of the Trust Agreement, and the interest thereon, do not constitute a debt or a pledge of the faith and credit of the State of Maryland or the Maryland Department of Transportation (MDOT), but are payable solely from the revenue of the Transportation Facilities Projects of the MDTA. These bonds carry certain financial covenants with which the MDTA must comply.

Revenue Bonds outstanding for the year ended June 30, 2016, consisted of the following:

Balance Balance Amount Due June 30, 2015 Additions Reductions June 30, 2016 Within One Year

Revenue Bonds $ 2,318,289 $ – $ (18,705) $ 2,299,584 $ 35,360

GARVEE Bonds 349,440 – (69,660) 279,780 73,190

BWI PFC Bonds 209,225 – (8,980) 200,245 9,265

BWI Rental Car Facility Bonds 93,785 – (2,885) 90,900 3,070

BWI Parking Garage Bonds 159,860 – (11,805) 148,055 11,155

WMATA Metro – Rail Parking Bonds 27,200 – (1,760) 25,440 1,535

Calvert Street Parking Garage Bonds 18,585 18,011 (18,585) 18,011 –

Total bonds payable 3,176,384 18,011 (132,380) 3,062,015 133,575

Unamortized premium 55,953 – (9,222) 46,731 –

Total bonds payable, net 3,232,337 18,011 (141,602) 3,108,746 133,575

Contractors deposits 15,943 8,963 (10,707) 14,199 12,977

Accrued annual leave 10,611 6,087 (6,237) 10,461 658

Accrued workers compensation 12,455 4,166 (3,619) 13,002 1,950

Net pension liability 172,254 50,399 – 222,653 –

Total $ 3,443,600 $ 87,626 $ (162,165) $ 3,369,061 $ 149,160

Series 2007 Revenue Bonds

Principal payments ranging from $6,325 to $12,685 from July 1, 2016 to July 1, 2031, with coupons ranging from 4.00% to 5.00%, payable semiannually $ 146,660

Sinking fund principal payments from July 1, 2032 to July 1, 2037 for the term bond due July 1, 2037, with a coupon of 4.50% and sinking fund principal payments from July 1, 2038 to July 1, 2041 for the term bond due July 1, 2041, with a coupon of 4.50% 148,945

Total 295,605

Series 2008 Revenue Bonds

Principal payments ranging from $10,395 to $31,070 from July 1, 2016 to July 1, 2038, with coupons ranging from 4.75% to 5.125%, payable semiannually 432,225

Sinking fund principal payments from July 1, 2039 to July 1, 2041 for the term bond due July 1, 2041, with a coupon of 5.00% 103,340

Total 535,565

NOTE 5 – LONG-TERM LIABILITIES


Series 2008A TIFIA

The MDTA secured a $516,000 revolving loan under the Transportation Infrastructure Finance and Innovation Act (TIFIA) program for the Intercounty Connector Project. As of June 30, 2016, $516,000 has been drawn. The loan has a fixed interest rate of 2.56% and matures on July 1, 2047. 516,000

Accreted interest is compounded semiannually 13,519

Total 529,519

Series 2009A Revenue Bonds

Principal payments ranging from $10,355 to $14,570 from July 1, 2016 to July 1, 2023, with coupons ranging from 3.00% to 5.00%, payable semiannually $ 98,870

Series 2009B Revenue Bonds

Sinking fund principal payments from July 1, 2024 to July 1, 2029 for the term bond due July 1, 2029, with a coupon of 5.788%, and sinking fund principal payments from July 1, 2030 to July 1, 2043 for the term bond due July 1, 2043, with a coupon of 5.888% 450,515

Series 2010A Revenue Bonds


Series 2010B Revenue Bonds

Sinking fund principal payments from July 1, 2021 to July 1, 2025 for the term bond due July 1, 2025, with a coupon of 5.164%; sinking fund principal payments from July 1, 2026 to July 1, 2030 for the term bond due July 1, 2030, with a coupon of 5.604%; and sinking fund principal payments from July 1, 2031 to July 1, 2041 for the term bond due July 1, 2041, with a coupon of 5.754% 296,640

Series 2012 Revenue Refunding Bond


Total Outstanding $ 2,299,584

NOTE 5 – LONG-TERM LIABILITIES (Continued)


The following summarizes the bonds payable maturities and sinking fund requirements, excluding unamortized premium, on the Series 2007, 2008, 2008A, 2009A, 2009B, 2010A, and 2010B Revenue Bonds and Series 2012 Revenue Refunding Bonds for the year ended June 30, 2016:

SERIES 2007

Year Ended June 30, Principal Interest Total

2017 $ 6,325 $ 13,508 $ 19,833

2018 6,630 13,249 19,879

2019 6,940 12,943 19,883

2020 7,275 12,587 19,862

2021 7,620 12,215 19,835

2022-2026 43,875 55,064 98,939

2027-2031 55,310 43,573 98,883

2032-2036 69,745 28,843 98,588

2037-2041 87,965 11,145 99,110

2042 3,920 88 4,008

Total $ 295,605 $ 203,215 $ 498,820

SERIES 2008


2017 $ 10,395 $ 26,442 $ 36,837

2018 10,815 25,912 36,727

2019 11,355 25,358 36,713

2020 11,920 24,776 36,696

2021 12,515 24,165 36,680

2022-2026 72,625 110,536 183,161

2027-2031 93,370 89,984 183,354

2032-2036 120,595 63,674 184,269

2037-2041 155,750 29,321 185,071

2042 36,225 906 37,131

Total $ 535,565 $ 421,074 $ 956,639

SERIES 2008A


2017 $ – $ 13,574 $ 13,574

2018 11,397 13,409 24,806

2019 11,689 13,113 24,802

2020 11,988 12,793 24,781

2021 12,295 12,517 24,812

2022-2026 66,362 57,547 123,909

2027-2031 75,303 48,491 123,794

2032-2036 85,448 38,206 123,654

2037-2041 96,960 26,562 123,522

2042-2046 110,024 13,323 123,347

2047-2048 48,053 1,233 49,286

Total $ 529,519 $ 250,768 $ 780,287



SERIES 2009A


2017 $ 10,355 $ 4,486 $ 14,841

2018 10,870 4,029 14,899

2019 11,415 3,509 14,924

2020 11,985 2,980 14,965

2021 12,585 2,398 14,983

2022-2024 41,660 3,192 44,852

Total $ 98,870 $ 20,594 $ 119,464

SERIES 2009B


2017 $ – $ 26,425 $ 26,425

2018 – 26,425 26,425

2019 – 26,425 26,425

2020 – 26,425 26,425

2021 – 26,425 26,425

2022-2026 31,185 130,338 161,523

2027-2031 89,175 110,580 199,755

2032-2036 107,905 81,801 189,706

2037-2041 130,795 46,770 177,565

2042-2044 91,455 8,215 99,670

Total $ 450,515 $ 509,829 $ 960,344

SERIES 2010A


2017 $4,670 $1,051 $5,721

2018 4,810 885 5,695

2019 5,005 664 5,669

2020 5,255 407 5,662

2021 5,520 138 5,658

Total $ 25,260 $ 3,145 $ 28,405

SERIES 2010B


2017 $ – $ 16,727 $ 16,727

2018 – 16,727 16,727

2019 – 16,727 16,727

2020 – 16,727 16,727

2021 – 16,727 16,727

2022-2026 44,785 78,001 122,786

2027-2031 51,800 64,978 116,778

2032-2036 68,985 48,869 117,854

2037-2041 119,300 20,971 140,271

2042 11,770 339 12,109

Total $ 296,640 $ 296,793 $ 593,433



Grant Anticipation Revenue Vehicle Bonds, Series 2007 and 2008During the year ended June 30, 2007, the MDTA issued $325,000 of Grant Anticipation Revenue Vehicle (GARVEE) Bonds Series

2007 and during the year ended June 30, 2009, the MDTA issued $425,000 of GARVEE Bonds Series 2008 to finance the ICC/MD 200. The ICC/MD 200 is an 18-mile toll highway located in Montgomery and Prince George’s Counties. The true interest cost for each series was 4.00% and 4.31%, respectively. The Series 2007 bonds mature in annual installments of original principal ranging from $24,345 to $34,390 from March 1, 2008 to March 1, 2019, with yields ranging from 3.63% to 5.00%. The Series 2008 bonds mature in annual install-ments of original principal ranging from $30,295 to $48,865 from March 1, 2010 to March 1, 2020, with yields ranging from 3.00% to 5.25%.

The GARVEE Bonds are limited obligations of the MDTA, payable solely from certain federal transportation aid available to the State of Maryland and other monies included in the trust estate created by the 2007 Trust Agreement, as amended and supplemented by a First Supplemental Trust Agreement in 2008, including certain state tax revenues that are pledged. The GARVEE Bonds are not general obliga-tions of the MDTA or legal obligations of the Maryland State Highway Administration, the MDOT, or the State of Maryland.

The following summarizes the bonds payable maturities and sinking fund requirements, excluding unamortized premium, on the Series 2007 and 2008 GARVEE bonds for the year ended June 30, 2016:

SERIES 2012


2017 $ 3,615 $ 2,741 $ 6,356

2018 3,725 2,612 6,337

2019 3,870 2,441 6,311

2020 4,065 2,263 6,328

2021 4,230 2,076 6,306

2022-2026 24,445 7,045 31,490

2027-2030 23,660 1,567 25,227

Total $ 67,610 $ 20,745 $ 88,355

Grant Anticipation Revenue Vehicle Bonds, Series 2007


2017 $ 31,215 $ 4,875 $ 36,090

2018 32,760 3,331 36,091

2019 34,390 1,699 36,089

Total $ 98,365 $ 9,905 $ 108,270

Grant Anticipation Revenue Vehicle Bonds, Series 2008


2017 $ 41,975 $ 9,387 $ 51,362

2018 44,150 7,215 51,365

2019 46,425 4,937 51,362

2020 48,865 2,500 51,365

Total $ 181,415 $ 24,039 $ 205,454

Total Outstanding $ 279,780 $ 33,944 $ 313,724



Passenger Facility Charge Revenue Bonds (BWI Airport Facilities Projects) 2012A, 2012B, 2012C and 2014The MDTA issued three series of Qualified Airport Bonds – AMT secured by Passenger Facility Charge (PFC) revenue in 2012, and

a series of Qualified Airport Bonds – AMT secured by PFC revenue in 2014. PFC Revenue Bonds are secured by a Master 2003 Trust Agreement, as supplemented by the 2012 and 2014 Supplemental Trust Agreements. The BWI Marshall Airport facilities are leased to the Maryland Aviation Administration (MAA) through a direct financing lease (see Note 10 for additional information). The BWI Qualified Airport Bonds – AMT are payable solely from PFCs received by the MAA and deposited with the Trustee (M&T Bank). The PFC rate for 2016 was $4.50 per enplaned passenger (not in thousands) and PFC collections for the year ended June 30, 2016, amounted to $48,056. The debt service reserve fund for the year ended June 30, 2016, amounted to $17,201, which amount secures the Qualified Airport Bonds – AMT Series 2012A, 2012B, and 2012C PFC Revenue Bonds and the Qualified Airport Bonds – AMT Series 2014 PFC Revenue Bonds, as hereafter described.

The Series 2012 PFC Revenue Bonds and Series 2014 PFC Revenue Bonds issued in accordance with the provisions of the Master 2003 Trust Agreement, as supplemented by the 2012 and 2014 Supplemental Trust Agreements, and the interest thereon, do not constitute a debt or pledge of the faith and credit of the State of Maryland, the MDOT or the MAA, but are payable solely from the PFCs, which the MDTA receives from the MAA in the form of direct financing lease payments. These bonds carry certain financial covenants with which the MDTA must comply.

The total amount of the PFC Revenue Bonds outstanding at June 30, 2016 was as follows:

Passenger Facility Charge Revenue Bonds BWI Thurgood Marshall Airport, Series 2012ADuring the year ended June 30, 2012, the MDTA issued $50,905 of BWI Thurgood Marshall Airport (Qualified Airport Bonds –

AMT) 2012A Bonds to finance a portion of the costs of certain projects (Airport Facilities Projects) located at BWI Marshall Airport. These bonds are secured equally and ratably by PFC collections on a parity basis with the other outstanding PFC Revenue Bonds. These bonds mature in annual installments of original principal ranging from $1,795 to $3,780 from June 1, 2013 to June 1, 2032, with yields ranging from 0.74% to 4.30%, at an all-in true interest cost of 3.79%. The facilities are leased to the MAA through a direct financing lease (see Note 10 for additional information).

The following summarizes the bonds payable maturities and sinking fund requirements, excluding unamortized premium, on the PFC Revenue Bonds Series 2012A for the year ended June 30, 2016:

Series 2012A $ 43,500

Series 2012B 75,360

Series 2012C 43,400

Series 2014 37,985

Total $ 200,245

Passenger Facility Charge Revenue Bonds, Series 2012A


2017 $ 1,965 $ 2,043 $ 4,008

2018 2,025 1,945 3,970

2019 2,085 1,844 3,929

2020 2,165 1,740 3,905

2021 2,255 1,631 3,886

2022-2026 12,855 6,368 19,223

2027-2031 16,370 2,922 19,292

2032 3,780 156 3,936

Total $ 43,500 $ 18,649 $ 62,149



Passenger Facility Charge Revenue Bonds BWI Thurgood Marshall Airport, Series 2012BDuring the year ended June 30, 2013, the MDTA issued $92,070 of BWI Thurgood Marshall Airport (Qualified Airport Bonds –

AMT) Series 2012B Bonds to finance a portion of the costs of certain projects (Airport Facilities Projects) located at BWI Marshall Air-port. These bonds are secured equally and ratably by PFC collections on a parity basis with the other outstanding PFC Revenue Bonds. These bonds mature in annual installments of original principal ranging from $5,460 to $7,765 from June 1, 2014 to June 1, 2027, with yields ranging from 0.63% to 2.65%, at an all-in true interest cost of 2.42%. The facilities are leased to the MAA through a direct financing lease (see Note 10 for additional information).

The following summarizes the bonds payable maturities and sinking fund requirements, excluding unamortized premium, on the PFC Revenue Bonds Series 2012B for the year ended June 30, 2016:

Variable Rate Passenger Facility Charge Revenue Bonds BWI Thurgood Marshall Airport, Series 2012CDuring the year ended June 30, 2013, the MDTA issued $43,400 of Variable Rate BWI Thurgood Marshall Airport (Qualified Airport

Bonds – AMT) 2012C Bonds to finance a portion of the costs of certain projects (Airport Facilities Projects) located at BWI Marshall Airport. These bonds are secured equally and ratably by PFC collections on a parity basis with all other outstanding PFC Revenue Bonds. These bonds fully mature on June 1, 2032 via sinking fund payments due on a term bond in the amount of $43,400. The interest rates on the bonds are variable and the weekly reset rate was 0.43% as of June 30, 2016. The facilities are leased to the MAA through a direct financing lease (see Note 10 for additional information).

The following summarizes the bonds payable maturities and sinking fund requirements, excluding unamortized premium, on the PFC Revenue Bonds Series 2012C for the year ended June 30, 2016:

Passenger Facility Charge Revenue Bonds, Series 2012B


2017 $ 5,850 $ 2,119 $ 7,969

2018 6,025 1,943 7,968

2019 6,265 1,702 7,967

2020 6,515 1,451 7,966

2021 6,780 1,191 7,971

2022-2026 36,160 3,684 39,844

2027 7,765 204 7,969

Total $ 75,360 $ 12,294 $ 87,654

Passenger Facility Charge Revenue Bonds, Series 2012C

Year Ended June 30, Principal Interest* Total

2017 $ – $ 187 $ 187

2018 – 187 187

2019 – 187 187

2020 – 187 187

2021 – 187 187

2022-2026 – 933 933

2027-2031 33,855 576 34,431

2032 9,545 – 9,545

Total $ 43,400 $ 2,444 $ 45,844

*Based on the interest rate of 0.43% in effect on June 30, 2016.



Passenger Facility Charge Revenue Bonds BWI Thurgood Marshall Airport, Series 2014During the year ended June 30, 2015, the MDTA issued $40,000 of BWI Thurgood Marshall Airport (Qualified Airport Bonds –

AMT) Series 2014 Bonds to finance a portion of the costs of certain projects (Airport Facilities Projects) located at BWI Marshall Airport at an all-in true interest cost of 3.63%. These bonds are secured equally and ratably by PFC collections on a parity basis with the other outstanding PFC Bonds. These bonds mature in annual installments of original principal ranging from $620 to $2,535 from June 1, 2015 to June 1, 2031, with yields ranging from 0.40% to 3.80%, and a $8,195 term bond having a 4.00% yield with annual sinking fund install-ments starting on June 1, 2032 to maturity on June 1, 2034. The facilities are leased to the MAA through a direct financing lease (see Note 10 for additional information).

The following summarizes the bonds payable maturities and sinking fund requirements, excluding unamortized premium, on the PFC Revenue Bonds Series 2014 for the year ended June 30, 2016:

BWI Airport Consolidated Rental Car Facility Bonds, Series 2002During the year ended June 30, 2002, the MDTA issued $117,345 of BWI Airport Consolidated Rental Car Facility Taxable Limited

Obligation Revenue Bonds, Series 2002 (the Series 2002 Rental Car Facility Bonds), to finance the costs of a rental car facility located in the vicinity of BWI Marshall Airport. The interest rates on the bonds ranged from 2.74% to 6.65%. These bonds mature in annual install-ments of original principal ranging from $600 to $8,505 from July 1, 2003 to July 1, 2032. The facility is leased to the MAA through a direct financing lease (see Note 10 for additional information).

The Series 2002 Rental Car Facility Bonds are payable as to principal and interest solely from Customer Facility Charges (CFC) and contingent rent, if applicable, from the MAA. The CFC rate in 2016 was $3.75 per transaction (not in thousands). CFC collections were $13,465 for the fiscal year ended June 30, 2016. The Series 2002 Bonds, issued in accordance with the provisions of the 2002 Trust Agree-ment, and the interest thereon, do not constitute a debt or pledge of the faith and credit of the State of Maryland, the MDOT or the MAA, but are payable solely from the CFCs and contingent rent, if applicable, which the MDTA receives in the form of direct financing lease payments. These bonds carry certain financial covenants with which the MDTA must comply.

Passenger Facility Charge Revenue Bonds, Series 2014


2017 $ 1,450 $ 1,506 $ 2,956

2018 1,505 1,448 2,953

2019 1,580 1,372 2,952

2020 1,660 1,293 2,953

2021 1,745 1,210 2,955

2022-2026 10,000 4,775 14,775

2027-2031 11,850 2,922 14,772

2032-2034 8,195 664 8,859

Total $ 37,985 $ 15,190 $ 53,175



The following summarizes the bonds payable maturities and sinking fund requirements, excluding unamortized premium, on the Series 2002 Rental Car Facility Bonds for the year ended June 30, 2016:

BWI Airport Parking Revenue Refunding Bonds, Series 2012A and 2012BDuring the year ended June 30, 2012, the MDTA issued $190,560 of BWI Airport Parking Revenue Refunding Bonds, Series 2012A –

Governmental Purpose and Series 2012B – Qualified Airport – AMT (the Series 2012A and 2012B Bonds), to refinance the outstanding BWI Airport Parking Revenue Bonds, Series 2002A – Governmental Purpose and Series 2002B – Qualified Airport – AMT (the Series 2002A and 2002B Bonds). The interest rates on the Series 2012A and 2012B Bonds range from 4.00% to 5.00%. The 2012A and 2012B Bonds mature in annual installments of original principal ranging from $8,535 to $16,455 from March 1, 2013 to March 1, 2027. The parking garage is leased to the MAA through a direct financing lease (see Note 10 for additional information).

The Series 2012A and 2012B Bonds are payable as to principal and interest solely from the parking fees collected at BWI Marshall Airport. The Series 2012A and 2012B Bonds issued in accordance with the provisions of the 2002 Trust Agreement, as supplemented by the 2012 Supplemental Trust Agreement, and the interest thereon, do not constitute a debt or pledge of the faith and credit of the State of Maryland, the MDOT or the MAA, but are payable solely from the parking fees, which the MDTA receives in the form of direct financing lease payments. These bonds carry certain financial covenants with which the MDTA must comply.

The following summarizes the bonds payable maturities and sinking fund requirements excluding unamortized premium on the Series 2012A and 2012B Bonds for the year ended June 30, 2016:

BWI Consolidated Rental Car Facility Bonds, Series 2002


2017 $ 3,070 $ 5,901 $ 8,971

2018 3,270 5,696 8,966

2019 3,480 5,477 8,957

2020 3,705 5,244 8,949

2021 3,945 4,996 8,941

2022-2026 23,940 20,623 44,563

2027-2031 33,010 11,250 44,260

2032-2033 16,480 1,114 17,594

Total $ 90,900 $ 60,301 $ 151,201

Airport Parking Revenue Refunding Bonds, Series 2012A and 2012B


2017 $ 11,155 $ 7,403 $ 18,558

2018 11,385 6,845 18,230

2019 11,895 6,276 18,171

2020 12,485 5,681 18,166

2021 13,115 5,057 18,172

2022-2026 71,565 15,161 86,726

2027 16,455 823 17,278

Total $ 148,055 $ 47,246 $ 195,301



Lease Revenue Refunding Bonds Metrorail Parking Projects, Series 2014 During the year ended June 30, 2015, the MDTA issued $27,200 of Lease Revenue Refunding Bonds, Series 2014 (the Series 2014

Bonds), to refinance the outstanding MDTA Lease Revenue Bonds Metrorail Parking Projects, Series 2004 which financed three parking garages for the Washington Metropolitan Area Transit Authority (WMATA) at Metrorail facilities in New Carrollton, Largo and College Park, Maryland. The interest rates on the Series 2014 Bonds range from 2.00% to 5.00%. These bonds mature in annual installments of original principal ranging from $1,535 to $2,395 from July 1, 2015 to July 1, 2028. The facilities are leased to WMATA through a direct financing lease (see Note 10 for additional information).

The Series 2014 Bonds are payable as to principal and interest solely from pledged revenues payable to the MDTA by WMATA under the Facility Lease Agreement and by Prince George’s County, Maryland under the Project Agreement and the Deficiency Agreement (as defined in the 2004 Trust Agreement, as supplemented by the 2014 Supplemental Trust Agreement). The parking surcharge rate for 2016 was $1.25 (not in thousands) for all but three garages in Prince George’s County. Parking surcharge revenues for the year ended June 30, 2016, amounted to $5,015. The debt service reserve fund as of June 30, 2016, was $2,488 and the requirement is $2,472, which is the maximum annual debt service in the bond year ended July 1, 2018. The Series 2014 Bonds issued in accordance with the provisions of the 2004 Trust Agreement, as supplemented by the 2014 Supplemental Trust Agreement, and the interest thereon, do not constitute a debt or pledge of the faith and credit of the State of Maryland, the MDOT, the MDTA, WMATA or Prince George’s County, but are payable solely from pledged revenue which the MDTA receives from WMATA in the form of direct financing lease payments. These bonds carry certain financial covenants with which the MDTA must comply.

The following summarizes the bonds payable maturities and sinking fund requirements, excluding unamortized premium, on the Series 2014 Bonds for the year ended June 30, 2016:

Lease Revenue Refunding Bonds Metrorail Parking, Series 2014


2017 $ 1,535 $ 907 $ 2,442

2018 1,585 860 2,445

2019 1,635 804 2,439

2020 1,695 729 2,424

2021 1,780 642 2,422

2022-2026 10,230 1,912 12,142

2027-2029 6,980 318 7,298

Total $ 25,440 $ 6,172 $ 31,612



Lease Revenue Refunding Bond Calvert Street Parking Garage Project, Series 2015 During the year ended June 30, 2016, the MDTA issued $18,011 Lease Revenue Refunding Bond, Series 2015 (the Series 2015 Refund-

ing Bond), to refinance the outstanding MDTA Lease Revenue Bonds Calvert Street Parking Garage Project, Series 2005 which financed the cost of a parking garage for State of Maryland employees in Annapolis, Maryland. The facility is leased to the Maryland Department of General Services (DGS) through a direct financing lease (see Note 10 for additional information). The interest rate on the Series 2015 Refunding Bond is 2.62%. The bond matures in annual installments of original principal ranging from $225 to $1,422 from July 1, 2017 to July 1, 2032. Principal and interest on the Series 2015 Refunding Bond is paid under a Facility Lease with DGS, and such other revenues attributable to the leasing of the garage and other funds held under a Trust Agreement dated as of June 1, 2005, as supplemented by the 2015 Supplemental Trust Agreement. DGS’s obligation to make rental payments is subject to appropriation by the General Assembly. The Series 2015 Refunding Bond does not constitute a debt or pledge of the full faith and credit of the State of Maryland, DGS, or the MDTA.

The following summarizes the bond payable maturities and sinking fund requirements, excluding unamortized premium, on the Series 2015 Bonds for the year ended June 30, 2016:

Refunding of Series 2005 Bonds Calvert Street Parking Garage Project During the year ended June 30, 2016, the MDTA issued the $18,011 Parking Lease Revenue Refunding Bond, Calvert Street Parking

Garage Project, Series 2015 to fully refund and redeem $17,845 of the outstanding Series 2005 Bonds for economic savings. The Series 2015 Refunding Bond has a rate of 2.62% with a final maturity date of July 1, 2032. The refunding resulted in $2,642 of gross debt service savings and a net economic gain of $2,334. The gross proceeds of $18,011 were deposited with The Bank of New York Mellon, as trustee, to fully redeem the Series 2005 Bonds on August 17, 2015 and to pay issuance costs.

Lease Revenue Bonds Calvert Street Parking Garage Project, Series 2015


2017 $ – $ 472 $ 472

2018 225 469 694

2019 1,036 452 1,488

2020 1,061 425 1,486

2021 1,085 397 1,482

2022-2026 5,835 1,538 7,373

2027-2031 6,597 725 7,322

2032-2033 2,172 48 2,220

Total $ 18,011 $ 4,526 $ 22,537



LeasesIn January 2015, the MDTA entered into a three year extension of the present lease for office space for the MDTA Police. Rent ex-

pense for the year ended June 30, 2016 totaled $346.

The following is a schedule showing future minimum lease payments:

ContractsFor the year ended June 30, 2016, the MDTA was contractually liable for $526,739 of uncompleted construction and improvement

contracts relating to its various projects. Exclusive of that amount, the MDTA currently contemplates the expense, through 2022, of $1,996,000 for capital additions, improvements and major rehabilitation.

Year Ended June 30, Lease Payments

2017 $ 346

2018 173

NOTE 6 – COMMITMENTS and CONTINGENCIES


The MDTA and its employees contribute to the Maryland State Retirement and Pension System (System). The System is a cost-sharing multiple-employer public employee retirement system established by the State to provide retirement, death and disability benefits for State employees and employees of participating entities within the State. The MDTA accounts for the Plan as a cost-sharing multiple-employer public employee retirement system. A separate valuation is not performed for the MDTA. The MDTA’s only obligation to the System is its required annual contribution. The System is administered by a Board of Trustees in accor-dance with Section 21-108 of the State Personnel and Pensions Article of the Annotated Code of Maryland. The System prepares a separate Comprehensive Annual Financial Report, which can be obtained from the Maryland State Retirement Agency website: http://www.sra.state.md.us/agency/downloads/cafr/.

The System includes several plans based on date of hire and job function. Employees of the MDTA are members of the Employees’ and Teachers’ Retirement System, Employees’ and Teachers’ Pension System, or Law Enforcement Officers’ Pension System. The Employ-ees’ and Teachers’ Retirement System (the Retirement Plan) includes those employees hired prior to January 1, 1980, who have not elected to transfer to the Employees’ and Teachers’ Pension System (the Pension Plan) and are not a member of the Law Enforcement Officers’ Pension System (the Officers’ Plan). Conversely, members of the Pension Plan include those employees hired after January 1, 1980, and prior employees who elected to transfer from the Retirement Plan and are not a member of the Officers’ Plan. Members of the Officers’ Plan include all MDTA law enforcement officers.

Members of the Retirement Plan become vested after five years. Members are generally eligible for full retirement benefits upon the earlier of attaining age 60 or accumulating 30 years of eligible service regardless of age. The annual retirement allowance equals 1/55 (1.8%) of the member’s highest three-year average final salary (AFS) multiplied by the number of years of accumulated creditable service. A member may retire with reduced benefits after completing 25 years of eligible service. Benefits are reduced by 0.5% per month for each month the payments begin prior to age 60 or 30 years of eligible service, whichever is less. The maximum reduction for a member is 30%.

The Pension Plan includes several components based on a member’s date of hire. This is the result of legislative changes to the Pension Plan enacted in 1998, 2006 and 2011. Provisions for these components are largely the same; however, important distinctions exist in the areas of member contributions, retirement eligibility and benefit calculations. Generally, the greatest distinctions for members of the plan exist for those hired before July 1, 2011, and those hired on or after that date.

The following applies to members of the Pension Plan hired before July 1, 2011. Vesting occurs once members have accrued at least five years of eligible service. Members of the Pension Plan are generally eligible for full retirement benefits upon attaining age 62, with specified years of eligibility service, or accumulating 30 years of eligibility service regardless of age. Generally, the annual pension allow-ance for a member equals 1.2% of the member’s three-year AFS, multiplied by the number of years of creditable service accumulated prior to July 1, 1998, plus 1.8% of the member’s AFS, multiplied by the number of years of creditable service accumulated subsequent to June 30, 1998. A member may retire with reduced benefits upon attaining age 55 with at least 15 years of eligible service. Benefits are reduced by 0.5% per month for each month remaining until the retiree reaches the normal retirement service age. The normal retirement service age is 62 with a maximum reduction of 42%.

The following applies to members of the Pension Plan hired on or after July 1, 2011. Vesting occurs once members have accrued at least ten years of eligible service. To receive full retirement benefits, eligibility is determined by the Rule of 90, which requires that the sum of the member’s age and years of eligibility service is at least 90. The annual pension allowance for a member equals 1.5% of the member’s five-year AFS multiplied by the number of years of creditable service. A member may retire with reduced benefits upon attaining age 60 with at least 15 years of eligible service. Benefits are reduced by 0.5% per month for each month remaining until the retiree reaches the normal retirement service age. The normal retirement service age is 65, with a maximum reduction of 30%.

For members of the Officers’ Plan, hired on or before June 30, 2011, vesting occurs once members have accrued at least five years of eligible service. For members hired on or after July 1, 2011, vesting occurs once a member has accumulated ten years of eligible service. Members are eligible for full retirement benefits upon the earlier of attaining age 50 or accumulating 25 years of eligible service regard-less of age. Generally, the annual pension allowance for a member equals 2.0% of the member’s AFS, multiplied by the number of years of creditable service up to 30 years plus 1.0% of the member’s AFS for creditable service in excess of 30 years. The Officers’ Plan does not provide for early retirement.

NOTE 7 – RETIREMENT BENEFITS


Funding PolicyEach of the above plans is funded by contributions from its members and contributions from the State and participating

governmental agencies. The MDTA’s required contributions are estimated by annual actuarial valuations using the entry age normal cost method with projection and other actuarial assumptions adopted by the Board of Trustees. Members of the Retirement Plan, Pension Plan, and Officers’ Plan are required to contribute 5% to 7% of earnable compensation.

The MDTA’s contributions, which equal 100% of the annual required contributions, for the three years ended June 30, 2016, 2015, and 2014, are as follows:

The components of the State of Maryland’s net pension liability as reported by the Maryland State Retirement and Pension System at the measurement date:

2016 2015 2014

MDTA contribution $ 21,900 $ 22,582 $ 22,619Percentage of payroll 24.70% 25.20% 27.60%

State of Maryland’s Net Pension Liability ComponentsJune 30, 2015

Total Net Pension Liability (TPL) $ 20,781,712 MDTA’s Net Pension Liability 222,653

Ratio-Fiduciary Net Position/TPL 1.1%

At June 30, 2016, the MDTA reported a liability of $222,653 for its proportionate share of the State of Maryland’s net pension liability. The net pension liability was measured as of June 30, 2015 (the Maryland State Retirement and Pension System’s measurement date), and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. The MDTA’s proportion of the State of Maryland’s net pension liability was based on a projection of the MDTA’s long-term share of contributions to the pension plan relative to the projected contributions of all participating members, actuarially determined.

The MDTA reported deferred outflows of resources and deferred inflow of resources related to pensions from the following sources:

Deferred Outflow Deferred Inflow of Resources of Resources

Difference between expected and actual experience $ 13,015 $ – change of assumptions

Difference between projected and actual earnings on 19,611 14,141 pension plan investments

Actual pension versus expected experience – 4,560

MDTA’s 2016 contributions subsequent 21,900 – to the measurement date

TOTAL $ 54,526 $ 18,701

NOTE 7 – RETIREMENT BENEFITS (Continued)


The MDTA’s contributions of $21,900 are reported as deferred outflows of resources related to pensions from operations resulted from contributions subsequent to the measurement date. This amount will be expensed for the year ended June 30, 2017.

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:


Actuarial Assumptions The following actuarial assumptions are made:

• Actuarial: Entry Age Normal

• Amortization: Method-level Percentage of Payroll, Closed

• Remaining Amortization Period: In the 2015 actuarial valuation: 8 years remaining as of June 30, 2015, for prior Unfunded Ac-tuarial Accrued Liability (UAAL) existing on June 30, 2000, and 25 years from each subsequent valuation date for each year’s ad-ditional UAAL for the State system and for the Municipal Corporations in the Employee’s Combined System Municipal; 27 years for the Municipal Law Enforcement Officers’ Pension System; and 34 years for the Correctional Officers’ Retirement System. In the 2013 actuarial valuation: 7 years remaining for prior UAAL existing on June 30, 2000, and 25 years from each subsequent valuation date for each year’s additional UAAL for the Employee’s Combined System Municipal; 25 years for the State system; 26 years for the Municipal Law Enforcement Officers’ Pension System; and 32 years for the Correctional Officers’ Retirement System.

• Asset Valuation Method: Five-year smoothed market; 20% collar

• Inflation: In the 2015 actuarial valuation, 3.00% general and 3.50% wage. In the 2013 actuarial valuation, 2.95% general and 3.45% wage.

• Salary Increase: In the 2015 actuarial valuation, 3.50% to 10.75% including inflation. In the 2013 actuarial valuation, 3.45% to 10.70% including inflation.

• Discount Rate: 7.55%

• Investment Rate of Return: In the 2015 actuarial valuation, 7.75%. In the 2013 actuarial valuation, 7.70%

• Retirement Age: Experienced-based table of rates that is specific to the type of eligibility condition. Last updated for the 2015 valuation pursuant to an experienced study of the period 2010-2014.

• Mortality: RP-2014 Mortality Tables with generational mortality projections using scale MP-2014, calibrated to Maryland State Retirement and Pension System experience.

AMORTIZATION Deferred Outflows Deferred Inflows

Net Difference in Year Ended June 30, Investment Earnings Change in Assumptions Actual and Expected Experience

2017 $ 189 $ 2,909 $ 936

2018 189 2,909 936

2019 189 2,909 936

2020 4,903 2,286 936

2021 – 2,002 816

Total $ 5,470 $ 13,015 $ 4,560


Rate of Return (Investments)The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-

estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are de-veloped for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighing the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of geometric real rates of return were adopted by the Board after considering input from the System’s investment consultant(s) and actuary(s).

For each major class that is included in the systems target asset allocation as of June 30, 2015, these best estimates are summarized in the following table:

For the year ended June 30, 2015, the annual money-weighted rate of return on pension plan investments, net of the pension plan in-vestment expense, was 2.71%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested.

Discount RateA single discount rate of 7.55% was used to measure the total pension liability. This single discount rate was based on the expected

rate of return on pension plan investments of 7.55%. The projection of cash flows used to determine this single discount rate assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on these assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

Contributions – Maryland State Retirement and Pension SystemThe State Personnel and Pensions Article requires both active members and their respective employers to make contributions to the

Maryland State Retirement and Pension System. Rates for required contributions by active members are established by law.

Sensitivity of the Net Pension Liability The net pension liability sensitivity to changes in the single discount rate is as follows: 1% decrease to 6.55% would be $314,685; and

a 1% increase to 8.55% would be $146,339.

Target Long-Term Expected Asset Class Allocation Real Rate of Return

Public Equity 35% 6.3%Fixed Income 10% 0.6%Credit opportunity 10% 3.2%Real Return 14% 1.8%Absolute Return 10% 4.2%Private Equity 10% 7.2%Real Estate 10% 4.4%Cash 1% 0.0%

Total 100%


For the Fiscal Year Ended June 30, 2015

Contributions-employer $ 1,858,600

Contributions-members 755,400

Total $ 2,614,000


State Employee and Retiree Health and Welfare Benefits Program of Maryland

Plan DescriptionMembers of the State Retirement, Pension, and Law Enforcement Officers’ Systems and their dependents are provided postemploy-

ment health care benefits through the State Employee and Retiree Health and Welfare Benefits Program (Plan). The Plan is a cost-sharing, defined-benefit healthcare plan established by Sections 2-501 through 2-516 of the State Personnel and Pensions Article of the Annotated Code of Maryland. The Plan is self-insured to provide medical, hospitalization, prescription drug and dental insurance benefits to eligible State employees, retirees, and their dependents. A separate valuation is not performed for the MDTA. The MDTA’s only obligation to the Plan is its required annual contribution as determined by the State of Maryland.

Effective July 1, 2004, the State established the Postretirement Health Benefits Trust Fund (OPEB Trust) to receive appropriated funds and contributions to assist the Plan in financing the State’s postretirement health insurance subsidy. The OPEB Trust is established in ac-cordance with Section 34-101 of the State Personnel and Pensions Article of the Annotated Code of Maryland and is administered by the Maryland State Retirement and Pension System. The Plan is included in the State’s CAFR, which can be obtained from the Comptroller of Maryland’s website at www.marylandtaxes.com.

The MDTA’s employees are members of the Plan. Eligibility for the Plan is determined by various factors, including date of hire. Gen-erally, employees hired before July 1, 2011, may enroll and participate in the Plan if the employee left State service with at least 16 years of creditable service; retired directly from State service with at least 5 years of creditable service; left State service with at least 10 years of creditable service and within 5 years of normal retirement age; or retired directly from State service with a disability retirement. Employ-ees hired on or after July 1, 2011, may enroll and participate in the Plan if the employee left State service with at least 25 years of creditable service; retired directly from State service with at least 10 years of creditable service; left State service with at least 10 years of creditable service and within 5 years of normal retirement age; or retired directly from State service with a disability retirement.

Funding PolicyFunds deposited into the OPEB Trust may consist of any funds appropriated to the OPEB Trust, whether directly or through the bud-

gets of any State agency. The State is required by law to include money in the State budget to pay the State’s share of the costs of the Plan.

The State subsidizes a portion of the covered medical, dental, prescription, and hospitalization costs, depending on the type of in-surance plan. The State assesses a surcharge for postemployment health care benefits, which is based on health care insurance charges for current employees. Costs for postretirement benefits are for State of Maryland retirees. The State does not distinguish employees by employer/State agency. Instead, the State allocates the postemployment health care costs to all participating employers.

For the years ended June 30, 2016, 2015, and 2014, the State did not allocate postemployment health care costs to participating em-ployers and as a result did not require a contribution to be made by the MDTA.

NOTE 8 – OTHER POSTEMPLOYMENT BENEFITS


Accrued Workers’ Compensation CostsThe MDTA has recorded its portion of the State of Maryland’s workers’ compensation costs. The workers’ compensation costs accrual

represents the liability for anticipated claims and claims expense for the MDTA’s employees, less the cumulative excess of premiums paid to the Chesapeake Employers’ Insurance Company and net investment income applicable to the MDTA’s coverage.

Changes in the balance for the MDTA’s workers’ compensation liability for the year ended June 30, 2016, are as follows:

Self-Insurance and Third-Party InsuranceThe MDTA is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions;

injuries to employees; and natural disasters. The MDTA participates in the State of Maryland’s self-insurance program (the Program), which covers general liability, property and casualty, workers’ compensation, environmental liabilities and provides certain employee health benefits. The Program allocates its cost of providing claims servicing and claims payments by charging a premium to the MDTA based on a percentage of estimated current payroll or based on average loss experience.

The MDTA maintains certain third-party policies for structural property and liability damages. The MDTA’s premium payments for the year ended June 30, 2016 were approximately $7,397.

LitigationThe MDTA is a defendant in a number of claims and lawsuits resulting from capital and maintenance contracts and other operational

matters. The MDTA plans to vigorously defend these claims. In the opinion of the MDTA’s management, the settlement of these claims will not have a material adverse effect on the accompanying financial statements.

NOTE 9 – RISK MANAGEMENT and LITIGATION

Workers’ Compensation(In Thousands)

For The Years Ended June 30

2016 2015

Unpaid Claims $ 12,455 $ 12,539

Incurred Claims and changes in estimates 4,166 2,745

Claim payments (3,619) (2,829)

Total unpaid claims $ 13,002 $ 12,455


The MDTA has entered into contractual agreements and performs services for other governmental agencies. The MDTA receives rent, interest income, and fees for services, which are included in intergovernmental revenue in the accompanying financial statements. In ad-dition, other governmental agencies provide services to the MDTA, which are included in the appropriate expense category.

The MDTA’s intergovernmental revenue for the year ended June 30, 2016, is as follows:

Federal Highway AdministrationThe Federal Highway Administration (FHWA) provided funding for the Intercounty Connector. This funding is in the form of

GARVEE bond proceeds. For the year ended June 30, 2016, intergovernmental funding of $87,450 was received from the FHWA.

Maryland Aviation AdministrationThe MDTA Police provide law enforcement services for MAA at BWI Marshall Airport. Protection is provided in the main termi-

nal and all surrounding roadways, parking garages and lots, as well as the rental car and cargo facilities. The MDTA Police also furnish communications services and K-9 teams trained in explosives detection. For the year ended June 30, 2016, $19,081 was received from the MAA.

Internal Revenue ServiceFor the year ended June 30, 2016, the MDTA received a subsidy of $14,076 from the Internal Revenue Service for interest payments

due on the Series 2009B and 2010B Build America Bonds (BABs). The 35% BABs interest payment subsidy was subject to a 6.8% reduc-tion caused by sequestration that was effective during the 2016 federal fiscal year.

Maryland Port Administration The MDTA Police provide law enforcement services at the Maryland Port Administration’s (MPA) facilities. Among the areas

protected at the Port of Baltimore are the Seagirt and Dundalk Marine Terminals (landside and waterside) and the Cruise Maryland Pas-senger Terminal, as well as the MPA’s World Trade Center headquarters building in downtown Baltimore. For the year ended June 30, 2016, intergovernmental revenue of $6,519 was received from the MPA.

Intergovernmental Revenue Summary

Federal Highway Administration $ 87,450

Maryland Aviation Administration 19,081

Internal Revenue Service 14,076

Maryland Port Administration 6,519

Federal Emergency Management Agency 1,586

State Highway Administration and Other 1,526

Maryland Transit Administration 63

Total $ 130,301

NOTE 10 – RELATIONSHIPS with OTHER GOVERNMENTAL AGENCIES


DIRECT FINANCING LEASE RECEIVABLESThe MDTA has entered into capital lease agreements with other governmental agencies whereby the MDTA loaned or issued conduit

debt to finance certain other governmental agencies’ projects.

The MDTA’s direct financing lease receivables outstanding as of June 30, 2016, consisted of the following:

Direct Financing Lease Receivable

Maryland Aviation Administration $ 404,696

Washington Metropolitan Area Transit Authority 23,118

Maryland Department of General Services 18,008

Total 445,822

Current portion 25,025

Noncurrent portion 420,797

Total $ 445,822

NOTE 10 – RELATIONSHIPS with OTHER GOVERNMENTAL AGENCIES (Continued)


Maryland Aviation AdministrationThe MDTA has direct financing leases with the MAA. The MDTA borrowed funds to finance the development and construction of

certain airport facilities projects at BWI Marshall Airport. The MDTA leases these airport facilities project assets to the MAA under capital leases expiring on the date at which the MDTA has recovered all of its costs related to the airport facilities projects. Per the related facility lease and financing agreements, amounts due to the MDTA under these capital leases are identical to the debt payment terms of the Variable Rate Passenger Facility Charge Revenue Bonds (Qualified Airport Bonds - AMT), Series 2012C; Passenger Facility Charge Revenue Bonds (Qualified Airport Bonds - AMT), Series 2012A, 2012B, and 2014; BWI Airport Consolidated Rental Car Facility Bonds, Series 2002; and BWI Airport Parking Revenue Refunding Bonds, Series 2012A and 2012B (see Note 5 for additional information). The MAA funds the leases through payment to the MDTA of revenues received from the facilities financed under these lease agreements.

The present value of the direct financing leases for the year ended June 30, 2016, is as follows:


BWI Airport Consolidated BWI Airport BWI Airport Variable BWI Airport BWI Parking Rental Car PFC PFC Rate PFC PFC Year Ending June 30, Facility Facility Project-2012A Project-2012B Project-2012C Project-2014 Total

2017 $ 11,155 $ 3,070 $ 1,965 $ 5,850 $ – $ 1,450 $ 23,490

2018 11,385 3,270 2,025 6,025 – 1,505 24,210

2019 11,895 3,480 2,085 6,265 – 1,580 25,305

2020 12,485 3,705 2,165 6,515 – 1,660 26,530

2021 13,115 3,945 2,255 6,780 – 1,745 27,840

2022-2026 71,565 23,940 12,855 36,160 – 10,000 154,520

2027-2031 16,455 33,010 16,370 7,765 33,855 11,850 119,305

2032-2034 - 16,480 3,780 – 9,545 8,195 38,000

Total Bonds Payable 148,055 90,900 43,500 75,360 43,400 37,985 439,200

Plus: Premium on Bonds Payable 13,943 – 2,863 2,060 – 1,339 20,205

Plus: Deferred Amount on Refunding (3,031) – – - – – (3,031)

Plus: Interest Payable 2,468 3,000 170 177 15 125 5,955

Plus: Accounts Payable/Accrued Liab. – – 2 2 2 2 8

13,380 3,000 3,035 2,239 17 1,466 23,137

Less: Cash & Investments 24,976 14,155 4,366 8,680 2,210 3,219 57,606

Less: Interest Receivable/Accrued Int. 14 7 3 6 2 3 35

24,990 14,162 4,369 8,686 2,212 3,222 57,641

Net Investments in Direct Financing Lease Receivable $ 136,445 $ 79,738 $ 42,166 $ 68,913 $ 41,205 $ 36,229 $ 404,696


DIRECT FINANCING LEASE IMPROVEMENT FUND PAYABLES

Maryland Aviation AdministrationIn connection with the direct financing leases with the MAA, the MDTA holds funds to be used for future improvement projects in

connection with the consolidated rental car facility and the passenger facility charge airport improvement program. The respective funds are included in the intergovernmental payable in the accompanying statements, as pledged revenues which secure the BWI Airport Con-solidated Rental Car Facility Bonds, Series 2002, and the BWI Airport Passenger Facility Charge Revenue Bonds, Series 2012A, 2012B, 2012C and 2014, respectively.

The present value of the improvement fund payables for the year ended June 30, 2016, is as follows:

Washington Metropolitan Area Transit Authority The MDTA has a direct financing lease with the WMATA. The MDTA borrowed funds to finance and refinance the development

and construction of certain parking facilities projects at Metrorail stations in the Washington D.C. metropolitan area. The MDTA leases these project assets to WMATA under capital leases expiring on the date at which the MDTA has recovered all of its costs related to the parking facilities projects. Per the related facility lease and financing agreements, amounts due to the MDTA under these capital leases are identical to the debt payment terms of the Lease Revenue Refunding Bonds, Metrorail Parking Projects, Series 2014 Bonds. WMATA funds the lease through rental payments to the MDTA’s Trustee equal to the schedule of debt service requirements for the bonds (see Note 5 for additional information).

The present value of the direct financing lease as of June 30, 2016, is as follows:


BWI Marshall Airport Consolidated Rental Car Facility Passenger Facility Charge Program

Cash & Investments $ 24,678 $ 41,986 Investments Accrued Interest 77 105 24,755 42,091

Less: Accrued Liability 167 814 Less: Accounts Payable 18 320 185 1,135

Plus: Revenue Allocation – 3,353

Net Improvement Fund Payable $ 24,570 $ 44,309

Note: Numbers may not sum to total due to rounding.

Year Ended June 30, WMATA Parking Facilities

2017 $ 1,535 2018 1,585 2019 1,635 2020 1,695 2021 1,780 2022-2026 10,230 2027-2029 6,980 Total Bonds Payable 25,440

Plus: Premium on Bonds Payable 1,702 Plus: Interest Payable 465 2,167

Less: Cash & Investments 4,487 Less: Accrued Interest 1 Less: Interest Receivable 1 4,489 Net Investments in Direct Financing Lease Receivable $ 23,118


Maryland Department of General ServicesThe MDTA has a direct financing lease with the DGS. The MDTA borrowed funds to finance and refinance the development and

construction of a parking garage for State of Maryland employees in Annapolis, Maryland. The MDTA leases the project to DGS under a capital lease expiring on the date at which the MDTA has recovered all of its costs related to the parking facility project. Per the related facility lease and financing agreement, amounts due to the MDTA under the capital lease are identical to the debt payment terms of the Lease Revenue Refunding Bonds, Calvert Street Parking Garage Project, Series 2015 Bonds. DGS funds the lease through rental payments to the MDTA’s Trustee equal to the schedule of debt service requirements for the bonds (see Note 5 for additional information).

The present value of the direct financing lease as of June 30, 2016, is as follows:

Calvert Street Year Ended June 30, Parking Facilities

2017 $ –

2018 225

2019 1,036

2020 1,061

2021 1,085

2022-2026 5,835

2027-2031 6,597

2032-2033 2,172

Total Bonds Payable 18,011

Plus: Interest Payable 236

236

Less: Cash & Investments 239

239 Net Investments in Direct Financing Lease Receivable $ 18,008



74 REQUIRED SUPPLEMENTAL INFORMATION MARYLAND TRANSPORTATION AUTHORITY

REQUIRED Supplemental INFORMATION

COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 REQUIRED SUPPLEMENTAL INFORMATION 75

76 REQUIRED SUPPLEMENTAL INFORMATION MARYLAND TRANSPORTATION AUTHORITY

Schedule of Required Supplementary Information

Schedule of The Maryland Transportation Authority PROPORTIONATE SHARE OF THE NET PENSION LIABILITY

Last Ten Fiscal Years*

Employees’ Retirement and Pension System 2016 2015*

MDTA’s proportion of the net pension liability 1.1% 1.0%

MDTA’s proportion share of the net pension liability $ 222,653,101 $ 172,253,706

MDTA’s covered employee payroll $ 101,058,792 $ 101,338,325

MDTA’s proportion share of the net pension liability as a 220.3% 170.0% percentage of its covered employee payroll **

Plan fiduciary net position as a percentage of the total pension liability 68.8% 71.9%

This schedule is presented to illustrate the requirement to show information for 10 years. However, until a full 10-year trend is compiled, the MDTA will present information for those years for which information is available.

* The year ended June 30, 2015 was the first year of implementation, therefore only two years are presented.

**Covered employee payroll includes regular pay, overtime and shift differential.

COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 REQUIRED SUPPLEMENTAL INFORMATION 77

MDTA CONTRIBUTIONS TO THE MARYLAND STATE RETIREMENT AND PENSION SYSTEM

Last Ten Fiscal Years(In Thousands)

Employees’ Retirement and Pension System

2016 2015 2014 2013 2012 2011 2010 2009* 2008* 2007*

Contractually required contribution $ 21,900 $ 22,582 $ 22,619 $ 20,687 $ 18,567 $ 18,070 $ 14,853 $ 13,705 $ 14,091 $ 12,103

Contributions in relation to the (21,900) (22,582) (22,619) (20,687) (18,567) (18,070) (14,853) (13,705) (14,091) (12,103) contractually required contribution

Contribution deficiency (excess) $ – $ – $ – $ – $ – $ – $ – $ – $ – $ –

MDTA’s covered-employee payroll $ 88,746 $ 89,512 $ 81,957 $ 80,475 $ 81,426 $ 79,918 $ 80,296 $ – $ – $ –

Contributions as a percentage of 24.68% 25.23% 27.60% 25.71% 22.80% 22.61% 18.50% – – – covered-employee payroll

* Due to a general ledger system conversion, payroll information is unavailable for 2007 through 2009.

Pension contributions are based on regular payroll only.

SUPPLEMENTAL Information

78 SUPPLEMENTARY INFORMATION MARYLAND TRANSPORTATION AUTHORITY

Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

COM

BINE

D SC

HEDU

LE O

F RE

VENU

E AN

D EX

PENS

ES –

ALL

FAC

ILIT

IES

For t

he F

isca

l Yea

r End

ed J

une

30, 2

016

PO

LICE

@

POIN

T BR

EEZE

MAA

, MPA

, AD

MIN

ISTR

ATIV

E

I-95

EXPR

ESS

HATE

M

NICE

BA

Y

HARB

OR

KEY

FORT

MCH

ENRY

IN

TERC

OUNT

Y M

VA &

&

Mul

ti-Ar

ea

TO

TAL

JFK/

I-95

TOLL

LAN

ES*

BRID

GE

BRID

GE

BRID

GE

TUNN

EL

BRID

GE

TUNN

EL

CONN

ECTO

R M

ULTI

-ARE

A

OPER

ATIO

NS

TOLL

REV

ENUE

Cash

in L

ane

$ 1

64,3

42,7

01

$ 4

1,49

9,52

2

$

–

$2,

941,

817

$

9,7

60,6

75

$ 2

0,49

3,97

4

$30

,351

,681

$

10,

193,

550

$

49

,101

,482

$

–

$

–

$

–

-

E-ZP

ass

Tolls

4

53,4

25,3

92

124

,392

,299

1

0,94

5,47

1

8,1

99,7

24

10,

867,

318

3

0,49

6,43

6

55,

606,

009

3

1,08

1,99

3

134

,134

,600

4

7,70

1,54

2

–

–

Vide

o To

lling

26,

889,

794

2

,972

,228

4

39,7

23

503

,374

3

70,9

06

1,2

22,8

24

2,8

49,0

90

1,4

10,4

38

5,5

10,3

11

11,

610,

900

–

–

Tota

l Tol

l Rev

enue

$

644

,657

,887

$

168,

864,

049

$ 1

1,38

5,19

4

$11,

644,

915

$

20,9

98,8

99

$ 5

2,21

3,23

4

$ 8

8,80

6,78

0

$ 4

2,68

5,98

1

$ 1

88,7

46,3

93

$ 5

9,31

2,44

2

$

–

$

–

OTHE

R RE

VENU

E

Toll A

dmin

istra

tive

Fees

4

0,71

2,59

3

7,2

31,7

93

1,1

33,1

75

2,2

31,6

68

735

,811

2

,314

,844

7

,662

,782

2

,134

,121

9

,618

,467

7

,642

,737

3

4

7,1

61

Inte

rgov

ernm

enta

l Rev

enue

1

30,3

00,8

76

6,3

39,1

98

–

2

2,98

4

805

,679

8

92,7

82

972

,119

8

52,9

49

974

,844

9

3,14

8,63

5

26,

190,

310

1

01,3

77

Conc

essio

ns

6,2

13,4

72

6,2

13,4

72

–

–

–

–

–

–

–

–

–

–

Misc

ella

neou

s Re

venu

e 1

4,19

4,52

6

(1,7

66,2

05)

–

1

03,3

71

908

4

80,5

87

145

,457

4

,500

,339

6

69,6

43

9,7

47,1

22

237

,184

7

6,11

9

Tota

l Oth

er R

even

ue

$ 1

91,4

21,4

67

$ 1

8,01

8,25

8 $

1,

133,

175

$

2,3

58,0

23

$

1,54

2,39

8

$

3,68

8,21

3

$

8,78

0,35

8

$

7,48

7,40

9

$ 1

1,26

2,95

4 $

110

,538

,494

$

26,

427,

528

$

1

84,6

57

GROS

S RE

VENU

E $

836

,079

,354

$

186,

882,

307

$ 1

2,51

8,36

9 $

14,

002,

938

$

22,5

41,2

97

$ 5

5,90

1,44

7

$ 9

7,58

7,13

8

$ 5

0,17

3,39

0

$ 20

0,00

9,34

7 $

69

,850

,936

$

26,

427,

528

$

1

84,6

57

EXPE

NSES

(E

xclu

ding

Gen

eral

and

Adm

inis

trativ

e Ex

pens

es):

Oper

atio

ns &

Mai

nten

ance

Sal

arie

s 5

7,86

2,82

1

10,

818,

911

–

1

,006

,432

2

,243

,820

5

,183

,943

7

,374

,310

4

,054

,875

8

,717

,972

3

,318

,361

–

15,

144,

197

Polic

e Pa

trol S

alar

ies

74,

286,

463

7

,550

,701

–

2,5

02,1

83

1,7

34,1

17

3,6

83,0

42

3,0

51,7

36

2,8

47,4

64

8,8

17,1

68

3,3

25,8

80

40,

774,

171

–

Oper

atio

ns &

Mai

nten

ance

Exp

ense

s 7

6,65

6,95

7

6,3

58,5

07

–

422

,103

7

45,1

56

3,1

88,5

18

3,9

09,8

64

2,1

48,9

38

6,7

75,1

45

2,3

72,6

04

–

5

0,73

6,12

2

Patro

l Exp

ense

s

10,

689,

511

4

,395

,269

–

1

08,9

45

139

,819

2

21,3

22

–

2

19,1

02

805

,695

1

65,8

15

4,6

33,5

45

–

Tota

l Exp

ense

s $

219

,495

,752

$

29,

123,

388

$

–

$ 4

,039

,663

$

4,

862,

912

$

12,

276,

825

$

14,

335,

910

$

9,

270,

379

$

25,

115,

980

$

9,1

82,6

60

$ 4

5,40

7,71

6

$ 65

,880

,319

Depr

ecia

tion

124

,093

,751

Pens

ion

41,

564,

029

GENE

RAL

AND

ADM

INIS

TRAT

IVE

EXPE

NSES

Adm

inist

rativ

e Sa

larie

s

19,

644,

737

Othe

r Exp

ense

s 1

7,72

7,02

0

TOTA

L EX

PENS

ES

$ 4

22,5

25,2

89

EXCE

SS O

F GR

OSS

REVE

NUE

OV

ER E

XPEN

SES

$ 4

13,5

54,0

67

* Exp

ense

s fo

r the

I-95

Exp

ress

Toll

Lane

s ar

e co

mbi

ned

with

JFK

/I-95

.No

te: N

umbe

rs m

ay n

ot s

um to

tota

l due

to ro

undi

ng.

COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 SUPPLEMENTARY INFORMATION 79


NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.

Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SCHE

DULE

OF

TOLL

TRA

NSAC

TION

SFo

r the

Fis

cal Y

ear E

nded

Jun

e 30

, 201

6

(UNA

UDIT

ED)

ALL

FACI

LITI

ES

TOLL

TRA

NSAC

TION

S

I-95

Expr

ess

Ha

tem

Ni

ce

Bay

Ha

rbor

Ke

y

Fort

McH

enry

In

terc

ount

y

JFK/

I-95

Toll

Lane

s Br

idge

Br

idge

Br

idge

Tu

nnel

Br

idge

Tu

nnel

Co

nnec

tor

TOTA

L

CLAS

S 2

& 8

VEHI

CLES

Cash

in L

ane

4,0

96,3

82

–

279

,709

1

,404

,066

3

,774

,897

7

,331

,325

2

,130

,418

1

0,01

4,22

0

– 2

9,03

1,01

6 Of

ficia

l Dut

y 1

0,96

9

–

4,9

18

1,5

61

11,

186

7

7,82

9

30,

376

6

0,77

3

–

197

,612

E-

ZPas

s

Ful

l-Far

e 6,

305,

952

7

,603

,563

16

9,72

4

481,

458

1,

629,

422

4,

784,

619

38

5,06

6

8,11

8,62

4

24,

722,

071

5

4,20

0,49

8

MD

E-ZP

ass

1,8

96,8

42

–

182,

954

42

5,01

3

3,18

3,71

9

5,64

3,25

7

2,01

1,69

1

7,53

5,41

7

–

2

0,87

8,89

2

Com

mut

er

864

,103

–

70

,430

80

0,54

8

3,53

1,07

6

9,01

7,95

8

5,18

5,81

1

12,0

78,2

20

–

31,

548,

145

H

atem

Pla

n A

–

–

2,26

2,59

7

– –

–

–

–

–

2,2

62,5

97

H

atem

Pla

n B

–

–

1,83

5,31

5

– –

–

–

– –

1

,835

,315

Offi

cial

Dut

y 8

8,56

8

148

,707

41

,627

31

,192

11

2,78

1

359,

916

25

5,92

7

411,

267

4

52,5

21

1,9

02,5

06

Vide

o Tr

ansa

ctio

ns

138

,164

2

04,0

22

32,3

57

27,6

78

154,

724

43

8,54

2

186,

190

65

7,79

9

3,98

2,82

1

5,8

22,2

98

Tota

l (Cl

ass

2 &

8 Ve

hicl

es):

13,

400,

979

7

,956

,292

4

,879

,630

3

,171

,516

1

2,39

7,80

6

27,

653,

446

1

0,18

5,47

9

38,

876,

320

2

9,15

7,41

3

147

,678

,880

CLAS

S 3

VEHI

CLES

Cash

in L

ane

30,

097

–

5,0

46

16,

406

3

9,80

0

31,

409

2

6,76

1

74,

435

–

223

,954

E-

ZPas

s 2

14,9

17

134

,498

6

8,83

1

17,

945

1

01,0

89

255

,891

1

95,1

98

542

,286

2

57,3

05

1,7

87,9

61

Vide

o Tr

ansa

ctio

ns

3,8

41

4,0

03

976

4

10

2,4

81

5,2

84

2,9

92

12,

156

6

2,40

5

94,

549

Tota

l: 2

48,8

55

138,

501

7

4,85

3

34,

761

1

43,3

70

292,

585

2

24,9

51

628

,877

3

19,7

10

2,1

06,4

63

CLAS

S 4

VEHI

CLES

Cash

in L

ane

40,

541

–

2

,786

2

1,16

4

44,

801

2

6,33

0

21,

872

6

9,30

0

–

2

26,7

94

E-ZP

ass

157

,691

3

9,59

3

31,

216

2

0,26

6

90,

981

8

6,87

8

147

,179

4

05,0

85

146

,199

1

,125

,087

Vi

deo

Tran

sact

ions

2

,349

2

,183

4

84

456

2

,264

1

,903

2

,181

6,

947

4

8,44

8

67,

214

Tota

l: 2

00,5

81

41,7

76

34,

486

4

1,88

6

138

,045

1

15,1

11

171

,231

4

81,3

32

194

,647

1

,419

,096

CLAS

S 5

VEHI

CLES

Cash

in L

ane

148

,784

–

1

1,51

6

20,

262

1

87,7

12

18,

925

4

8,74

9

314

,518

–

7

50,4

66

E-ZP

ass

1,1

16,9

89

119

,156

8

7,42

4

103

,763

3

88,2

35

200

,567

5

38,1

09

2,2

52,7

68

238

,734

5,

045,

745

Vide

o Tr

ansa

ctio

ns

17,

434

7

,159

1

,168

1

,727

6

,051

3

,286

5

,793

3

4,67

5

52,

557

1

29,8

49

Tota

l: 1

,283

,207

1

26,3

15

100

,108

1

25,7

52

581

,998

2

22,7

78

592

,651

2

,601

,961

2

91,2

91

5,92

6,06

0

CLAS

S 6

VEHI

CLES

Cash

in L

ane

2,20

5

–

63

6

45

1,1

10

165

8

45

2,3

03

–

7,3

36

E-ZP

ass

26,

957

2

,502

6

48

6,0

84

9,5

45

2,4

69

19,

903

4

7,29

4

10,

603

1

26,0

05

Vide

o Tr

ansa

ctio

ns

522

2

39

8

234

1

36

42

2

13

985

1

,503

3

,883

To

tal:

29,

684

2

,741

7

19

6,9

63

10,

790

2

,676

2

0,96

1

50,

582

1

2,10

6

137

,224

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

1

,762

,328

3

09,3

33

210

,167

2

09,3

61

874

,203

6

33,1

50

1,0

09,7

95

3,7

62,7

51

817

,755

9

,588

,843

GRAN

D TO

TAL:

1

5,16

3,30

6

8,2

65,6

25

5,0

89,7

97

3,3

80,8

77

13,

272,

009

2

8,28

6,59

5

11,

195,

273

4

2,63

9,07

1

29,

975,

168

1

57,2

67,7

22

TOLL

TRA

NSAC

TION

COM

POSI

TE:

Tota

l Cas

h in

Lan

e 4,

328,

978

–

30

4,03

8

1,46

4,10

4

4,05

9,50

6

7,48

5,98

3

2,25

9,02

1

10,5

35,5

49

–

30

,437

,178

To

tal E

-ZPa

ss

10,6

72,0

19

8,04

8,01

9

4,75

0,76

6

1,88

6,26

9

9,04

6,84

7

20,3

51,5

56

8,73

8,88

3

31,3

90,9

60

25,8

27,4

33

120,

712,

751

Tota

l Vid

eo Tr

ansa

ctio

ns

162,

310

21

7,60

6

34,9

94

30,5

05

165,

656

44

9,05

7

197,

369

71

2,56

2

4,14

7,73

5

6,11

7,79

4

GRAN

D TO

TAL:

1

5,16

3,30

6

8,2

65,6

25

5,0

89,7

97

3,3

80,8

77

13,

272,

009

2

8,28

6,59

5

11,

195,

273

4

2,63

9,07

1

29,

975,

168

1

57,2

67,7

22


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SCHE

DULE

OF

TOLL

REV

ENUE

For t

he F

isca

l Yea

r End

ed J

une

30, 2

016

ALL

FACI

LITI

ES

TOLL

REV

ENUE

I-95

Expr

ess

Ha

tem

Ni

ce

Bay

Ha

rbor

Ke

y

Fort

McH

enry

In

terc

ount

y

JFK/

I-95

Toll

Lane

s Br

idge

Br

idge

Br

idge

Tu

nnel

Br

idge

Tu

nnel

Co

nnec

tor

TOTA

L

CLAS

S 2

& 8

VEHI

CLES

Cash

in L

ane

$

32,7

71,0

54

$

–

$

2,2

37,6

69

$

8,4

24,3

94

$ 1

5,09

9,58

9

$ 2

9,32

5,29

9

$

8,52

1,67

2

$

40,0

56,8

80

$

–

$ 1

36,4

36,5

57

E-ZP

ass

F

ull-F

are

50,

447,

618

9

,641

,558

1

,357

,790

2

,888

,749

6

,517

,688

1

9,13

8,47

7

1,5

40,2

62

32,

474,

494

4

3,04

7,49

9

167

,054

,135

MD

E-ZP

ass

11,

381,

049

–

1

,097

,723

1

,912

,558

7

,959

,298

1

6,92

9,77

0

6,0

35,0

74

22,

606,

250

–

6

7,92

1,72

2

Com

mut

er

2,4

19,4

88

–

197

,204

1

,681

,151

5

,092

,607

1

2,62

5,14

1

7,2

60,1

35

16,

909,

508

–

46,

185,

234

Vide

o To

lling

1,6

57,9

62

412

,271

3

88,2

81

249

,106

9

28,3

47

2,6

31,2

52

1,1

17,1

42

3,9

46,7

97

11,

149,

250

2

2,48

0,40

8 To

tal C

lass

2 &

8 V

ehic

les:

$

98

,677

,171

$

10,

053,

829

$

5

,278

,667

$

15,

155,

958

$

35,

597,

529

$

80,

649,

939

$

24,

474,

285

$

115

,993

,929

$

54,

196,

749

$

440

,078

,056

CLAS

S 3

VEHI

CLES

Cash

in L

ane

$

4

81,5

52

$

–

$

80,7

36

$

1

96,8

72

$

31

8,40

0

$

25

1,27

2

$

21

4,08

8

$

5

95,4

80

$

–

$

2,1

38,4

00

E-ZP

ass

3,4

38,6

72

297

,804

8

34,7

22

215

,340

8

08,7

12

2,0

47,1

30

1,5

61,5

86

4,3

38,2

88

832

,237

1

4,37

4,49

1 Vi

deo

Tollin

g 9

2,19

1

8,0

90

23,

427

7

,371

2

9,77

5

63,

412

3

5,90

5

145

,869

1

74,6

94

580

,734

To

tal:

4,0

12,4

15

305

,894

9

38,8

85

419

,583

1

,156

,887

2

,361

,814

1

,811

,579

5

,079

,637

1

,006

,931

1

7,09

3,62

5

CLAS

S 4

VEHI

CLES

Cash

in L

ane

972

,984

–

66,

864

3

80,9

52

537

,612

3

15,9

60

262

,464

8

31,6

00

– 3

,368

,436

E-

ZPas

s 3

,784

,584

1

36,1

81

634

,793

3

64,7

88

1,0

91,7

66

1,0

42,5

36

1,7

66,1

44

4,8

61,0

20

816

,934

1

4,49

8,74

6 Vi

deo

Tollin

g 8

4,57

2

4,4

12

17,

439

1

2,30

0

40,

748

3

4,24

8

39,

254

1

25,0

48

135

,622

4

93,6

43

Tota

l: 4

,842

,140

1

40,5

93

719

,096

7

58,0

40

1,6

70,1

26

1,3

92,7

44

2,0

67,8

62

5,8

17,6

68

952

,556

1

8,36

0,82

5

CLAS

S 5

VEHI

CLES

Cash

in L

ane

7,1

41,6

32

–

552

,768

7

29,4

32

4,5

05,0

88

454

,200

1

,169

,976

7

,548

,432

–

2

2,10

1,52

8 E-

ZPas

s 5

3,61

5,47

2

848

,696

4

,196

,352

3

,735

,468

9

,317

,640

4

,813

,610

1

2,91

4,61

4

54,

066,

432

2

,839

,729

1

46,3

48,0

13

E

TC U

sage

Disc

(2

,312

,004

) –

(1

57,7

40)

(204

,516

) (5

77,6

10)

(1,0

64,7

37)

(592

,906

) (2

,540

,212

) –

(7,4

49,7

25)

Vide

o To

lling

1,0

98,3

17

14,

467

7

3,61

5

88,

069

2

17,8

19

118

,291

2

08,5

38

1,2

48,2

89

147

,126

3

,214

,531

To

tal:

59,

543,

417

8

63,1

63

4,6

64,9

95

4,3

48,4

53

13,

462,

937

4

,321

,364

1

3,70

0,22

2

60,

322,

941

2

,986

,855

1

64,2

14,3

47

CLAS

S 6

VEHI

CLES

Cash

in L

ane

132

,300

–

3

,780

2

9,02

5

33,

285

4

,950

2

5,35

0

69,

090

–

2

97,7

80

E-ZP

ass

1,6

17,4

20

21,

232

3

8,88

0

273

,780

2

86,3

35

74,

082

5

97,0

84

1,4

18,8

20

165,

143

4

,492

,776

Vi

deo

Tollin

g 3

9,18

6

483

6

12

14,

060

6

,135

1

,887

9

,599

4

4,30

8

4,2

08

120

,478

To

tal:

1,7

88,9

06

21,

715

4

3,27

2

316

,865

3

25,7

55

80,

919

6

32,0

33

1,5

32,2

18

169

,351

4

,911

,034

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

$

70,1

86,8

78

$

1,33

1,36

5

$

6,36

6,24

8

$

5,8

42,9

41

$ 1

6,61

5,70

5

$

8,15

6,84

1

$ 1

8,21

1,69

6

$

72,7

52,4

64

$

5,11

5,69

3

$ 2

04,5

79,8

31

GRAN

D TO

TAL:

$

168

,864

,049

$

11,

385,

194

$

11,

644,

915

$

20,

998,

899

$

52,

213,

234

$

88,

806,

780

$

42,

685,

981

$

188

,746

,393

$

59,

312,

442

$

644

,657

,887

REVE

NUE

COM

POSI

TE:

Tota

l Cas

h in

Lan

e $

41

,499

,522

$

–

$

2,

941,

817

$

9,7

60,6

75

$ 2

0,49

3,97

4

$ 3

0,35

1,68

1

$ 1

0,19

3,55

0

$

49,1

01,4

82

$

–

$ 1

64,3

42,7

01

Tota

l E-Z

Pass

12

4,32

,299

10

,945

,471

8,

199,

724

10

,867

,318

30

,496

,436

55

,606

,009

31

,081

,993

13

4,13

4,60

0

47,7

01,5

42

453,

425,

392

Tota

l Vid

eo To

lling

2,97

2,22

8

439,

723

50

3,37

4

370,

906

1,

222,

824

2,

849,

090

1,

410,

438

5,

510,

311

11

,610

,900

26

,889

,794

GRAN

D TO

TAL:

$

168

,864

,049

$

11,

385,

194

$

11,

644,

915

$

20,

998,

899

$

52,

213,

234

$

88,

806,

780

$

42,

685,

981

$

188

,746

,393

$

59,

312,

442

$

644

,657

,887

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL T

RANS

ACTI

ONS

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

(UNA

UDIT

ED)

JOHN

F. K

ENNE

DY M

EMOR

IAL

HIGH

WAY

TOLL

TRA

NSAC

TION

S

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

4

,096

,382

27

.02%

4

,189

,800

29

.69%

(9

3,41

8)

-2.2

3%Of

ficia

l Dut

y

10,

969

0.

07%

1

0,93

5

0.06

%

34

0.

31%

E-ZP

ass

F

ull-F

are

6

,305

,952

41

.59%

6

,052

,338

39

.99%

2

53,6

14

4.19

%

MD

E-ZP

ass

1

,896

,842

12

.51%

1

,585

,527

10

.62%

31

1,31

4

19.6

3

Com

mut

er

8

64,1

03

5.70

%

969

,944

6.

82%

(1

05,8

41)

-10.

91%

O

ffici

al D

uty

8

8,56

8

0.58

%

91,

209

0.

59%

(2

,641

) -2

.90%

Vide

o Tr

ansa

ctio

ns

1

38,1

64

0.91

%

103

,823

0.

71%

3

4,34

0

33.0

8%To

tal (

Clas

s 2

& 8

Vehi

cles

):

13,

400,

979

88

.38%

1

3,00

3,57

6

88.5

2%

397

,403

3.

06%

CLAS

S 3

VEHI

CLES

Cash

in L

ane

3

0,09

7

0.20

%

31,

182

0.

23%

(1

,085

) -3

.48%

E-ZP

ass

2

14,9

17

1.42

%

207

,839

1.

40%

7

,078

3.

41%

Vide

o Tr

ansa

ctio

ns

3

,841

0.

03%

3

,449

0.

02%

3

92

11.3

7%To

tal:

2

48,8

55

1.64

%

242

,470

1.

65%

6

,385

2.

63%

CLAS

S 4

VEHI

CLES

Cash

in L

ane

4

0,54

1

0.27

%

40,

623

0.

29%

(8

2)

-0.2

0%E-

ZPas

s

157

,691

1.

04%

1

47,2

81

1.02

%

10,

410

7.

07%

Vide

o Tr

ansa

ctio

ns

2

,349

0.

02%

1

,590

0.

01%

7

59

47.7

6%To

tal:

2

00,5

81

1.32

%

189

,494

1.

29%

1

1,08

7

5.85

%

CLAS

S 5

VEHI

CLES

Cash

in L

ane

1

48,7

84

0.98

%

163

,623

1.

22%

(1

4,83

9)

-9.0

7%E-

ZPas

s

1,1

16,9

89

7.37

%

1,0

50,4

74

7.04

%

66,

515

6.

33%

Vide

o Tr

ansa

ctio

ns

1

7,43

4

0.11

%

13,

171

0.

09%

4

,262

32

.36%

Tota

l:

1,2

83,2

07

8.46

%

1,2

27,2

68

8.35

%

55,

938

4.

56%

CLAS

S 6

VEHI

CLES

Cash

in L

ane

2

,205

0.

01%

2

,578

0.

02%

(3

73)

-14.

47%

E-ZP

ass

2

6,95

7

0.18

%

24,

403

0.

17%

2

,554

10

.47%

Vide

o Tr

ansa

ctio

ns

5

22

0.00

%

462

0.

00%

6

0

12.9

9%To

tal:

2

9,68

4

0.20

%

27,

443

0.

19%

2

,241

8.

17%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

1,7

62,3

28

11.6

2%

1,6

86,6

76

11.4

8%

75,

652

4.

49%

GRAN

D TO

TAL:

15,

163,

306

10

0.00

%

14,

690,

252

10

0.00

%

473

,054

3.

22%

TOLL

TRA

NSAC

TION

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

4,3

28,9

78

28.5

5%

4,4

38,7

41

31.5

1%

(109

,763

) -2

.47%

Tota

l E-Z

Pass

10,

672,

019

70

.38%

1

0,12

9,01

5

67.6

5%

543

,004

5.

36%

Tota

l Vid

eo Tr

ansa

ctio

ns

1

62,3

10

1.07

%

122

,496

0.

83%

3

9,81

4

32.5

0%

GRAN

D TO

TAL:

15,

163,

306

10

0.00

%

14,

690,

252

10

0.00

%

473

,054

3.

22%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL R

EVEN

UE

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

JOHN

F. K

ENNE

DY M

EMOR

IAL

HIGH

WAY

TOLL

REV

ENUE

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

Ch

ange

s

CLAS

S 2

& 8

VEHI

CLES

Ra

te

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

$ 8

.00

$

32,7

71,0

54

19.4

1%

$

33,5

18,3

97

20.3

8%

$

(747

,343

) -2

.23%

E-ZP

ass

F

ull-F

are

$ 8

.00

50,

447,

618

29

.87%

4

8,41

8,70

4

29.4

4%

2,0

28,9

14

4.19

%

MD

E-ZP

ass

$ 6

.00

11,

381,

049

6.

74%

1

1,41

5,79

5

6.94

%

(34,

746)

-0

.30%

C

omm

uter

$

2.8

0 2

,419

,488

1.

43%

2

,715

,843

1.

65%

(2

96,3

55)

-10.

91%

Vide

o To

lling

$ 12

.00

1,6

57,9

62

0.98

%

1,2

32,2

85

0.75

%

425

,677

34

.54%

Tota

l (Cl

ass

2 &

8 Ve

hicl

es):

$

98

,677

,171

58

.44%

$

97

,301

,025

59

.16%

$

1,3

76,1

46

1.41

%

CLAS

S 3

VEHI

CLES

Cash

in L

ane

$ 16

.00

$

4

81,5

52

0.29

%

$

4

98,9

12

0.30

%

$

(1

7,36

0)

-3.4

8%E-

ZPas

s $

16.0

0 3,

438,

672

2.

04%

3

,325

,424

2.

02%

1

13,2

48

3.41

%Vi

deo

Tollin

g $

24.0

0 92

,191

0.

05%

8

2,78

1

0.05

%

9,4

10

11.3

7%To

tal:

4

,012

,415

2.

38%

3

,907

,117

2.

38%

1

05,2

98

2.70

%

CLAS

S 4

VEHI

CLES

Ca

sh in

Lan

e $

24.0

0 9

72,9

84

0.58

%

974

,952

0.

59%

(1

,968

) -0

.20%

E-ZP

ass

$ 24

.00

3,7

84,5

84

2.24

%

3,5

34,7

44

2.15

%

249

,840

7.

07%

Vide

o To

lling

$ 36

.00

84,

572

0.

05%

5

7,23

5

0.03

%

27,

337

47

.76%

Tota

l:

4,8

42,1

40

2.87

%

4,5

66,9

31

2.78

%

275

,209

6.

03%

CLAS

S 5

VEHI

CLES

Ca

sh in

Lan

e $

48.0

0 7

,141

,632

4.

23%

7

,853

,904

4.

78%

(7

12,2

72)

-9.0

7%E-

ZPas

s $

48.0

0 5

3,61

5,47

2

31.7

5%

50,

422,

752

30

.66%

3

,192

,720

6.

33%

E

TC U

sage

Disc

(2,3

12,0

04)

-1.3

7%

(2,0

74,3

00)

-1.2

6%

(237

,704

) 11

.46%

Vide

o To

lling

$ 63

.00

1,0

98,3

17

0.65

%

829

,796

0.

50%

2

68,5

21

32.3

6%To

tal:

5

9,54

3,41

7

35.2

6%

57,

032,

152

34

.68%

2

,511

,265

4.

40%

CLAS

S 6

VEHI

CLES

Cash

in L

ane

$ 60

.00

132

,300

0.

08%

1

54,6

80

0.09

%

(22,

380)

-1

4.47

%E-

ZPas

s $

60.0

0 1

,617

,420

0.

96%

1

,464

,180

0.

89%

1

53,2

40

10.4

7%Vi

deo

Tollin

g $

75.0

0 3

9,18

6

0.02

%

34,

680

0.

02%

4

,506

12

.99%

Tota

l:

1,7

88,9

06

1.06

%

1,6

53,5

40

1.01

%

135

,366

8.

19%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

$

70,1

86,8

78

41.5

6%

$

67,1

59,7

40

40.8

4%

$ 3

,027

,138

4.

51%

GRAN

D TO

TAL:

$ 1

68,8

64,0

49

100.

00%

$

164

,460

,764

10

0.00

%

$ 4

,403

,285

2.

68%

REVE

NUE

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

$

41,4

99,5

22

24.5

8%

$

43,0

00,8

45

26.1

5%

$ (1

,501

,323

) -3

.49%

Tota

l E-Z

Pass

124

,392

,299

73

.66%

1

19,2

23,1

42

72.4

9%

5,1

69,1

57

4.34

%To

tal V

ideo

Tollin

g

2,9

72,2

28

1.76

%

2,2

36,7

77

1.36

%

735

,451

32

.88%

GRAN

D TO

TAL:

$ 1

68,8

64,0

49

100.

00%

$

164

,460

,764

10

0.00

%

$ 4

,403

,285

2.

68%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL T

RANS

ACTI

ONS

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

(UNA

UDIT

ED)

I-95

EXP

RESS

TOL

L LA

NES

TOLL

TRA

NSAC

TION

S

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

E-ZP

ass

7,

603,

563

91

.99%

3,

671,

262

93

.05%

3,

932,

301

10

7.11

%Of

ficia

l Dut

y

148,

707

1.

80%

76

,688

1.

94%

72

,019

93

.91%

Vide

o Tr

ansa

ctio

ns

20

4,02

2

2.47

%

57,8

47

1.47

%

146,

175

25

2.69

%To

tal (

Clas

s 2

& 8

Vehi

cles

):

7,95

6,29

2

96.2

6%

3,80

5,79

7

96.4

6%

4,15

0,49

5

109.

06%

CLAS

S 3

VEHI

CLES

E-ZP

ass

13

4,49

8

1.63

%

64,3

94

1.63

%

70,1

04

108.

87%

Vide

o Tr

ansa

ctio

ns

4,

003

0.

05%

2,

938

0.

07%

1,

065

36

.26%

Tota

l:

138,

501

1.

68%

67

,332

1.

71%

71

,169

10

5.70

%

CLAS

S 4

VEHI

CLES

E-ZP

ass

39

,593

0.

48%

18

,540

0.

47%

21

,053

11

3.55

%Vi

deo

Tran

sact

ions

2,18

3

0.03

%

915

0.

02%

1,

268

13

8.60

%To

tal:

41

,776

0.

51%

19

,455

0.

49%

22

,321

11

4.73

%

CLAS

S 5

VEHI

CLES

E-ZP

ass

11

9,15

6

1.44

%

50,0

23

1.27

%

69,1

33

138.

20%

Vide

o Tr

ansa

ctio

ns

7,

159

0.

09%

2,

030

0.

05%

5,

129

25

2.72

%To

tal:

12

6,31

5

1.53

%

52,0

53

1.32

%

74,2

62

142.

67%

CLAS

S 6

VEHI

CLES

E-ZP

ass

2,

502

0.

03%

92

5

0.02

%

1,57

7

170.

49%

Vide

o Tr

ansa

ctio

ns

23

9

0.00

%

72

0.00

%

167

23

2.08

%To

tal:

2,

741

0.

03%

99

7

0.03

%

1,74

4

174.

93%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

309,

333

3.

74%

13

9,83

6

3.54

%

169,

497

12

1.21

%

GRAN

D TO

TAL:

8,26

5,62

5

100.

00%

3,

945,

633

10

0.00

%

4,31

9,99

2

109.

49%

TOLL

TRA

NSAC

TION

COM

POSI

TE:

Tota

l E-Z

Pass

8,04

8,01

9

97.3

7%

3,88

1,83

2

98.3

8%

4,16

6,18

7

107.

33%

Tota

l Vid

eo Tr

ansa

ctio

ns

21

7,60

6

2.63

%

63,8

01

1.62

%

153,

805

24

1.07

%

GRAN

D TO

TAL:

8,26

5,62

5

100.

00%

3,

945,

633

10

0.00

%

4,31

9,99

2

109.

49%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Clas

s 2

& 8

Vehi

cles

Cl

ass

3 Ve

hicl

es

Clas

s 4

Vehi

cles

Cl

ass

5 Ve

hicl

es

Clas

s 6

Vehi

cles

Pe

ak

$ 1.

54

$ 3.

08

$ 4.

62

$ 9.

24

$ 11

.55

Of

f-Pe

ak

$ 1.

19

$ 2.

38

$ 3.

57

$ 7.

14

$ 8

.93

Ov

erni

ght

$ 0.

49

$ 0.

98

$ 1.

47

$ 2.

94

$ 3

.68

Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL R

EVEN

UE

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

I-95

EXP

RESS

TOL

L LA

NES

TOLL

REV

ENUE

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

E-ZP

ass

$

9,

641,

558

84

.69%

$

5,2

44,6

04

85.3

4%

$ 4

,396

,954

83

.84%

Vide

o To

lling

4

12,2

71

3.62

%

120

,329

1.

96%

2

91,9

42

242.

62%

Tota

l Cla

ss 2

& 8

Veh

icle

s:

$

10,

053,

829

88

.31%

$

5,3

64,9

33

87.3

0%

$ 4

,688

,896

87

.40%

CLAS

S 3

VEHI

CLES

E-ZP

ass

$

297,

804

2.

62%

$

2

46,2

23

4.01

%

$51

,581

20

.95%

Vide

o To

lling

8

,090

0.

07%

2

,938

0.

05%

5

,152

17

5.38

%To

tal:

3

05,8

94

2.69

%

249

,161

4.

05%

5

6,73

3

22.7

7%

CLAS

S 4

VEHI

CLES

E-ZP

ass

1

36,1

81

1.20

%

107

,902

1.

76%

2

8,27

9

26.2

1%Vi

deo

Tollin

g

4,4

12

0.04

%

1,8

55

0.03

%

2,5

57

137.

79%

Tota

l:

140

,593

1.

23%

1

09,7

57

1.79

%

30,

836

28

.09%

CLAS

S 5

VEHI

CLES

E-ZP

ass

8

48,6

96

7.45

%

408

,215

6.

64%

440

,481

10

7.90

%Vi

deo

Tollin

g

14,

467

0.

13%

4

,116

0.

07%

1

0,35

1

251.

48%

Tota

l:

863

,163

7.

58%

4

12,3

31

6.71

%

450

,832

10

9.34

%

CLAS

S 6

VEHI

CLES

E-ZP

ass

2

1,23

2

0.19

%

9,3

81

0.15

%

11,

851

12

6.32

%Vi

deo

Tollin

g

483

0.

00%

1

46

0.00

%

337

23

0.94

%To

tal:

2

1,71

5

0.19

%

9,5

27

0.16

%

12,

188

12

7.92

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

$

1,33

1,36

5

11.6

9%

$

780,

776

12

.70%

$

5

50,5

89

70.5

2%

GRAN

D TO

TAL:

$ 1

1,38

5,19

4

100.

00%

$

6,1

45,7

09

100.

00%

$

5,2

39,4

85

85.2

5%

REVE

NUE

COM

POSI

TE:

Tota

l E-Z

Pass

$ 1

0,94

5,47

1

96.1

4%

$ 6

,016

,325

97

.89%

$

4,9

29,1

46

81.9

3%To

tal V

ideo

Tollin

g

439

,723

3.

86%

1

29,3

84

2.11

%

310,

339

23

9.86

%

GRAN

D TO

TAL:

$ 1

1,38

5,19

4

100.

00%

$

6,1

45,7

09

100.

00%

$

5,2

39,4

85

85.2

5%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.

The

I-95

Expr

ess

Toll

Lane

s is

a va

riabl

y pr

iced

faci

lity,

whe

re to

lls a

re h

ighe

r dur

ing

peak

trav

el ti

mes

to h

elp

man

age

cong

estio

n. T

otal

cos

t to

the

cust

omer

is b

ased

on

time

of d

ay a

nd m

iles

trave

led.

Ch

art b

elow

sho

ws

E-ZP

ass

rate

s. V

ideo

toll

rate

s ar

e 15

0% o

f the

E-Z

Pass

rate

s, w

ith a

min

imum

sur

char

ge o

f $1.

00 a

nd m

axim

um s

urch

arge

of $

15.0

0.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL T

RANS

ACTI

ONS

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

(UNA

UDIT

ED)

THOM

AS J

. HAT

EM M

EMOR

IAL

BRID

GE

TOLL

TRA

NSAC

TION

S

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

2

79,7

09

5.50

%

279

,288

5.

32%

4

21

0.15

%Of

ficia

l Dut

y

4,91

8

0.10

%

4,94

6

0.09

%

(28)

-0

.57%

E-ZP

ass

F

ull-F

are

16

9,72

4

3.33

%

157,

380

3.

00%

1

2,34

4

7.84

%

MD

E-ZP

ass

18

2,95

4

3.59

%

153,

705

2.

93%

2

9,24

8

19.0

3%

Com

mut

er

70

,430

1.

38%

79

,492

1.

52%

(9

,062

) -1

1.40

%

Hat

em P

lan

A

2,26

2,59

7

44.4

5%

2,52

4,56

5

48.1

2%

(261

,968

) -1

0.38

%

Hat

em P

lan

B

1,83

5,31

5

36.0

6%

1,79

6,89

0

34.2

5%

38,

425

2.

14%

O

ffici

al D

uty

41

,627

0.

82%

42

,283

0.

81%

(6

56)

-1.5

5%Vi

deo

Tran

sact

ions

32,3

57

0.64

%

24,2

97

0.46

%

8,0

60

33.1

7%To

tal (

Clas

s 2

& 8

Vehi

cles

):

4,87

9,63

0

95.8

7%

5,06

2,84

6

96.5

0%

(183

,216

) -3

.62

CLAS

S 3

VEHI

CLES

Cash

in L

ane

5,

046

0.

10%

6,

222

0.

12%

(1

,176

) -1

8.90

%E-

ZPas

s

68,8

31

1.35

%

56,9

87

1.09

%

11,

844

20

.78%

Vide

o Tr

ansa

ctio

ns

97

6

0.02

%

631

0.

01%

3

45

54.7

3%To

tal:

74

,853

1.

47%

63

,840

1.

22%

1

1,01

3

17.2

5%

CLAS

S 4

VEHI

CLES

Cash

in L

ane

2,

786

0.

05%

2,

817

0.

05%

(3

1)

-1.1

0%E-

ZPas

s

31,2

16

0.61

%

26,5

57

0.51

%

4,6

59

17.5

4%Vi

deo

Tran

sact

ions

484

0.

01%

25

1

0.00

%

233

92

.61%

Tota

l:

34,4

86

0.68

%

29,6

25

0.56

%

4,8

61

16.4

1%

CLAS

S 5

VEHI

CLES

Cash

in L

ane

11

,516

0.

23%

14

,160

0.

27%

(2

,644

) -1

8.67

%E-

ZPas

s

87,4

24

1.72

%

74,5

25

1.42

%

12,

899

17

.31%

Vide

o Tr

ansa

ctio

ns

1,

168

0.

02%

72

5

0.01

%

444

61

.26%

Tota

l:

100,

108

1.

97%

89

,410

1.

70%

1

0,69

9

11.9

7%

CLAS

S 6

VEHI

CLES

Cash

in L

ane

63

0.

00%

84

0.

00%

(2

1)

-25.

00%

E-ZP

ass

64

8

0.01

%

445

0.

01%

2

03

45.6

2%Vi

deo

Tran

sact

ions

8

0.00

%

15

0.00

%

(7)

-45.

60%

Tota

l:

719

0.

01%

54

4

0.01

%

175

32

.20%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

210

,167

4.

13%

1

83,4

19

3.50

%

26,

748

14

.58%

GRAN

D TO

TAL:

5,0

89,7

97

100.

00%

5

,246

,265

10

0.00

%

(156

,468

) -2

.98%

TOLL

TRA

NSAC

TION

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

304,

038

5.

97%

30

7,51

7

5.86

%

(3,4

79)

-1.1

3%To

tal E

-ZPa

ss

4,

750,

766

93

.34%

4,

912,

829

93

.64%

(1

62,0

64)

-3.3

0%To

tal V

ideo

Tran

sact

ions

34,9

94

0.69

%

25,9

19

0.49

%

9,0

75

35.0

1%GR

AND

TOTA

L:

5

,089

,797

10

0.00

%

5,2

46,2

65

100.

00%

(1

56,4

68)

-2.9

8%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL R

EVEN

UE

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

THOM

AS J

. HAT

EM M

EMOR

IAL

BRID

GE

TOLL

REV

ENUE

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Ra

te

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

$ 8

.00

$

2,23

7,66

9

19.2

2%

$

2,23

4,30

1

20.2

1%

$

3

,368

0.

15%

E-ZP

ass

F

ull-F

are

$ 8

.00

1,3

57,7

90

11.6

6%

1,2

59,0

40

11.3

9%

98,

750

7.

84%

M

D E-

ZPas

s $

6.0

0 1

,097

,723

9.

43%

1

,106

,679

10

.01%

(8

,956

) -0

.81%

C

omm

uter

$

2.8

0 1

97,2

04

1.69

%

222

,578

2.

01%

(2

5,37

4)

-11.

40%

Vide

o To

lling

$ 12

.00

388

,281

3.

33%

2

90,8

56

2.63

%

97,

425

33

.50%

Tota

l (Cl

ass

2 &

8 V

ehic

les)

:

$

5,27

8,66

7

45.3

3%

$

5,11

3,45

3

46.2

5%

$

165,

214

3.

23%

CLAS

S 3

VEHI

CLES

Ca

sh in

Lan

e $

16.0

0 $

80,

736

0.

69%

$

99,

552

0.

90%

$

(1

8,81

6)

-18.

90%

E-ZP

ass

$ 11

.20

/ $ 1

6.00

8

34,7

22

7.17

%

911

,792

8.

25%

(7

7,07

0)

-8.4

5%Vi

deo

Tollin

g $

24.0

0 2

3,42

7

0.20

%

15,

141

0.

14%

8

,286

54

.73%

Tota

l:

938

,885

8.

06%

1

,026

,485

9.

28%

(8

7,60

0)

-8.5

3%

CLAS

S 4

VEHI

CLES

Ca

sh in

Lan

e $

24.0

0 6

6,86

4

0.57

%

67,

608

0.

61%

(7

44)

-1.1

0%E-

ZPas

s $

16.8

0 / $

24.

00

634

,793

5.

45%

6

37,3

68

5.76

%

(2,5

75)

-0.4

0%Vi

deo

Tollin

g $

36.0

0 1

7,43

9

0.15

%

9,0

54

0.08

%

8,3

85

92.6

1%To

tal:

7

19,0

96

6.18

%

714

,030

6.

46%

5

,066

0.

71%

CLAS

S 5

VEHI

CLES

Ca

sh in

Lan

e $

48.0

0 5

52,7

68

4.75

%

679

,688

6.

15%

(1

26,9

20)

-18.

67%

E-ZP

ass

$ 48

.00

4,1

96,3

52

36.0

4%

3,5

77,2

00

32.3

6%

619

,152

17

.31%

E

TC U

sage

Disc

(157

,740

) -1

.35%

(1

33,4

57)

-1.2

1%

(24,

283)

18

.20%

Vide

o To

lling

$ 63

.00

73,

615

0.

63%

4

5,65

0

0.41

%

27,

965

61

.26%

Tota

l:

4,6

64,9

95

40.0

6%

4,1

69,0

81

37.7

1%

495

,914

11

.90%

CLAS

S 6

VEHI

CLES

Ca

sh in

Lan

e $

60.0

0 3

,780

0.

03%

5

,040

0.

05%

(1

,260

) -2

5.00

%E-

ZPas

s $

60.0

0 3

8,88

0

0.33

%

26,

700

0.

24%

1

2,18

0

45.6

2%Vi

deo

Tollin

g $

75.0

0 6

12

0.01

%

1,1

25

0.01

%

(513

) -4

5.60

%To

tal:

43,

272

0.

37%

3

2,86

5

0.30

%

10,

407

31

.67%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

$

6,36

6,24

8

54.6

7%

$

5,94

2,46

1

53.7

5%

$

423,

787

7.

13%

GRAN

D TO

TAL:

$ 1

1,64

4,91

5

100.

00%

$

11,

055,

914

10

0.00

%

$ 5

89,0

01

5.33

%

REVE

NUE

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

$

2,94

1,81

7

25.2

6%

$

3,08

6,18

9

27.9

1%

$ (

144,

372)

-4

.68%

Tota

l E-Z

Pass

8,1

99,7

24

70.4

1%

7,6

07,8

99

68.8

1%

591

,825

7.

78%

Tota

l Vid

eo To

lling

5

03,3

74

4.32

%

361

,826

3.

27%

1

41,5

48

39.1

2%

GRAN

D TO

TAL:

$ 1

1,64

4,91

5

100.

00%

$

11,

055,

914

10

0.00

%

$

589,

001

5.

33%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL T

RANS

ACTI

ONS

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

(UNA

UDIT

ED)

HARR

Y W

. NIC

E M

EMOR

IAL

BRID

GE

TOLL

TRA

NSAC

TION

S

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

1

,404

,066

41

.53%

1

,446

,800

43

.77%

(4

2,73

5)

-2.9

5%Of

ficia

l Dut

y

1,56

1

0.05

%

1,71

8

0.05

%

(157

) -9

.14%

E-ZP

ass

F

ull-F

are

48

1,45

8

14.2

4%

444,

852

13

.46%

3

6,60

6

8.23

%

MD

E-ZP

ass

42

5,01

3

12.5

7%

383,

276

11

.60%

4

1,73

6

10.8

9%

Com

mut

er

80

0,54

8

23.6

8%

759,

687

22

.98%

4

0,86

1

5.38

%

Offi

cial

Dut

y

31,1

92

0.92

%

35,0

52

1.06

%

(3,8

60)

-11.

01%

Vide

o Tr

ansa

ctio

ns

27

,678

0.

82%

21

,449

0.

65%

6

,230

29

.04%

Tota

l (Cl

ass

2 &

8 Ve

hicl

es):

3,

171,

516

93

.81%

3,

092,

835

93

.57%

7

8,68

2

2.54

%

CLAS

S 3

VEHI

CLES

Cash

in L

ane

16

,406

0.

49%

16

,952

0.

51%

(5

46)

-3.2

2%E-

ZPas

s

17,9

45

0.53

%

16,4

28

0.50

%

1,5

17

9.23

%Vi

deo

Tran

sact

ions

410

0.

01%

32

5

0.01

%

85

26

.06%

Tota

l:

34,7

61

1.03

%

33,7

05

1.02

%

1,0

56

3.13

%

CLAS

S 4

VEHI

CLES

Cash

in L

ane

21

,164

0.

63%

21

,811

0.

66%

(6

47)

-2.9

7%E-

ZPas

s

20,2

66

0.60

%

18,9

56

0.57

%

1,3

10

6.91

%Vi

deo

Tran

sact

ions

456

0.

01%

32

2

0.01

%

134

41

.48%

Tota

l:

41,8

86

1.24

%

41,0

89

1.24

%

797

1.

94%

CLAS

S 5

VEHI

CLES

Cash

in L

ane

20

,262

0.

60%

22

,254

0.

67%

(1

,992

) -8

.95%

E-ZP

ass

10

3,76

3

3.07

%

104,

693

3.

17%

(9

30)

-0.8

9%Vi

deo

Tran

sact

ions

1,72

7

0.05

%

1,18

8

0.04

%

539

45

.35%

Tota

l:

125,

752

3.

72%

12

8,13

5

3.88

%

(2,3

83)

-1.8

6%

CLAS

S 6

VEHI

CLES

Cash

in L

ane

64

5

0.02

%

1,00

7

0.03

%

(362

) -3

5.95

%E-

ZPas

s

6,08

4

0.18

%

8,47

2

0.26

%

(2,3

88)

-28.

19%

Vide

o Tr

ansa

ctio

ns

23

4

0.01

%

125

0.

00%

1

09

87.4

7%To

tal:

6,

963

0.

21%

9,

604

0.

29%

(2

,641

) -2

7.50

%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

209

,361

6.

19%

2

12,5

33

6.43

%

(3,1

72)

-1.4

9%

GRAN

D TO

TAL:

3,3

80,8

77

100.

00%

3

,305

,368

10

0.00

%

75,

510

2.

28%

TOLL

TRA

NSAC

TION

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

1,46

4,10

4

43.3

1%

1,51

0,54

2

45.7

0%

(46,

439)

-3

.07%

Tota

l E-Z

Pass

1,88

6,26

9

55.7

9%

1,77

1,41

6

53.5

9%

114

,853

6.

48%

Tota

l Vid

eo Tr

ansa

ctio

ns

30

,505

0.

90%

23

,409

0.

71%

7

,096

30

.31%

GRAN

D TO

TAL:

3,38

0,87

7

100.

00%

3,

305,

368

10

0.00

%

75,

510

2.

28%

NOTE

: Nu

mbe

rs m

ay n

ot s

um to

tota

l due

to ro

undi

ng.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL R

EVEN

UE

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

HAR

RY W

. NIC

E M

EMOR

IAL

BRID

GE

TOLL

REV

ENUE

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Ra

te

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

$ 6

.00

$

8,42

4,39

4

40.1

2%

$

8,68

0,80

2

40.9

0%

$ (

256,

408)

-2

.95%

E-ZP

ass

F

ull-F

are

$ 6

.00

2,8

88,7

49

13.7

6%

2,6

69,1

12

12.5

8%

219

,637

8.

23%

M

D E-

ZPas

s $

4.5

0 1

,912

,558

9.

11%

2

,069

,693

9.

75%

(1

57,1

35)

-7.5

9%

Com

mut

er

$ 2

.10

1,6

81,1

51

8.01

%

1,5

95,3

43

7.52

%

85,

808

5.

38%

Vide

o To

lling

$ 9

.00

249

,106

1.

19%

1

83,4

81

0.86

%

65,

625

35

.77%

Tota

l (Cl

ass

2 &

8 Ve

hicl

es):

$

15,

155,

958

72

.18%

$

15,

198,

431

71

.61%

$

(4

2,47

3)

-0.2

8%

CLAS

S 3

VEHI

CLES

Ca

sh in

Lan

e $

12.0

0 $

196,

872

0.

94%

$

203,

424

0.

96%

$

(6,5

52)

-3.2

2%E-

ZPas

s $

12.0

0 2

15,3

40

1.03

%

197

,136

0.

93%

1

8,20

4

9.23

%Vi

deo

Tollin

g $

18.0

0 7

,371

0.

04%

5

,847

0.

03%

1

,524

26

.06%

Tota

l:

419

,583

2.

00%

4

06,4

07

1.91

%

13,

176

3.

24%

CLAS

S 4

VEHI

CLES

Ca

sh in

Lan

e $

18.0

0 3

80,9

52

1.81

%

392

,598

1.

85%

(1

1,64

6)

-2.9

7%E-

ZPas

s $

18.0

0 3

64,7

88

1.74

%

341

,208

1.

61%

2

3,58

0

6.91

%Vi

deo

Tollin

g $

27.0

0 1

2,30

0

0.06

%

8,6

94

0.04

%

3,6

06

41.4

8%To

tal:

7

58,0

40

3.61

%

742

,500

3.

50%

1

5,54

0

2.09

%

CLAS

S 5

VEHI

CLES

Ca

sh in

Lan

e $

36.0

0 7

29,4

32

3.47

%

801

,144

3.

77%

(7

1,71

2)

-8.9

5%E-

ZPas

s $

36.0

0 3

,735

,468

17

.79%

3

,768

,948

17

.76%

(3

3,48

0)

-0.8

9%

ETC

Usa

ge D

isc

(2

04,5

16)

-0.9

7%

(189

,389

) -0

.89%

(1

5,12

7)

7.99

%Vi

deo

Tollin

g $

51.0

0 8

8,06

9

0.42

%

60,

592

0.

29%

2

7,47

7

45.3

5%To

tal:

4

,348

,453

20

.71%

4

,441

,295

20

.93%

(9

2,84

2)

-2.0

9%

CLAS

S 6

VEHI

CLES

Ca

sh in

Lan

e $

45.0

0 2

9,02

5

0.14

%

45,

315

0.

21%

(1

6,29

0)

-35.

95%

E-ZP

ass

$ 45

.00

273

,780

1.

30%

3

81,2

40

1.80

%

(107

,460

) -2

8.19

%Vi

deo

Tollin

g $

60.0

0 1

4,06

0

0.07

%

7,5

00

0.04

%

6,5

60

87.4

7%To

tal:

3

16,8

65

1.51

%

434

,055

2.

05%

(1

17,1

90)

-27.

00%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

$

5,84

2,94

1

27.8

2%

$

6,02

4,25

7

28.3

9%

$ (

181,

316)

-3

.01%

GRAN

D TO

TAL:

$ 2

0,99

8,89

9

100.

00%

$

21,

222,

688

10

0.00

%

$ (2

23,7

89)

-1.0

5%

REVE

NUE

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

$

9,76

0,67

5

46.4

8%

$ 1

0,12

3,28

3

47.7

0%

$ (

362,

608)

-3

.58%

Tota

l E-Z

Pass

10,

867,

318

51

.75%

1

0,83

3,29

1

51.0

5%

34,

027

0.

31%

Tota

l Vid

eo To

lling

3

70,9

06

1.77

%

266

,114

1.

25%

1

04,7

92

39.3

8%

GRAN

D TO

TAL:

$ 2

0,99

8,89

9

100.

00%

$

21,

222,

688

10

0.00

%

$ (2

23,7

89)

-1.0

5%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL T

RANS

ACTI

ONS

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

(UNA

UDIT

ED)

WIL

LIAM

PRE

STON

LAN

E, J

R. M

EMOR

IAL

BRID

GE (B

AY B

RIDG

E)

TOLL

TRA

NSAC

TION

S

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

3

,774

,897

28

.44%

3

,783

,653

29

.43%

(8

,756

) -0

.23%

Offic

ial D

uty

11

,186

0.

08%

12

,965

0.

10%

(1

,779

) -1

3.72

%E-

ZPas

s

Ful

l-Far

e

1,62

9,42

2

12.2

8%

1,59

0,07

2

12.3

7%

39,

350

2.

47%

M

D E-

ZPas

s

3,18

3,71

9

23.9

9%

2,62

0,33

2

20.3

8%

563

,387

21

.50%

C

omm

uter

/Sho

pper

s

3,53

1,07

6

26.6

1%

3,77

3,68

8

29.3

5%

(242

,612

) -6

.43%

O

ffici

al D

uty

11

2,78

1

0.85

%

116,

226

0.

90%

(3

,445

) -2

.96%

Vide

o Tr

ansa

ctio

ns

15

4,72

4

1.17

%

103,

621

0.

81%

5

1,10

4

49.3

2%To

tal (

Clas

s 2

& 8

Vehi

cles

):

12,3

97,8

06

93.4

1%

12,0

00,5

57

93.3

5%

397

,248

3.

31%

CLAS

S 3

VEHI

CLES

Cash

in L

ane

39

,800

0.

30%

41

,287

0.

32%

(1

,487

) -3

.60%

E-ZP

ass

10

1,08

9

0.76

%

89,4

50

0.70

%

11,

639

13

.01%

Vide

o Tr

ansa

ctio

ns

2,

481

0.

02%

1,

679

0.

01%

8

03

47.8

1%To

tal:

14

3,37

0

1.08

%

132,

416

1.

03%

1

0,95

5

8.27

%

CLAS

S 4

VEHI

CLES

Cash

in L

ane

44

,801

0.

34%

43

,979

0.

34%

8

22

1.87

%E-

ZPas

s

90,9

81

0.69

%

82,0

58

0.64

%

8,9

23

10.8

7%Vi

deo

Tran

sact

ions

2,26

4

0.02

%

1,34

8

0.01

%

916

67

.99%

Tota

l:

138,

045

1.

04%

12

7,38

5

0.99

%

10,

661

8.

37%

CLAS

S 5

VEHI

CLES

Cash

in L

ane

18

7,71

2

1.41

%

196,

415

1.

53%

(8

,703

) -4

.43%

E-ZP

ass

38

8,23

5

2.93

%

380,

565

2.

96%

7

,670

2.

02%

Vide

o Tr

ansa

ctio

ns

6,

051

0.

05%

4,

502

0.

04%

1

,548

34

.39%

Tota

l:

581,

998

4.

39%

58

1,48

2

4.52

%

515

0.

09%

CLAS

S 6

VEHI

CLES

Cash

in L

ane

1,

110

0.

01%

1,

385

0.

01%

(2

76)

-19.

89%

E-ZP

ass

9,

545

0.

07%

12

,194

0.

09%

(2

,650

) -2

1.73

%Vi

deo

Tran

sact

ions

136

0.

00%

20

9

0.00

%

(72)

-3

4.61

%To

tal:

10

,790

0.

08%

13

,788

0.

11%

(2

,997

) -2

1.74

%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

874

,203

6.

59%

8

55,0

70

6.65

%

19,

133

2.

24%

GRAN

D TO

TAL:

13,

272,

009

10

0.00

%

12,

855,

627

10

0.00

%

416

,382

3.

24%

TOLL

TRA

NSAC

TION

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

4,05

9,50

6

30.5

9%

4,07

9,68

4

31.7

3%

(20,

179)

-0

.49%

Tota

l E-Z

Pass

9,04

6,84

7

68.1

6%

8,66

4,58

5

67.4

0%

382

,262

4.

41%

Tota

l Vid

eo Tr

ansa

ctio

ns

16

5,65

6

1.25

%

111,

358

0.

87%

5

4,29

8

48.7

6%

GRAN

D TO

TAL:

13,

272,

009

10

0.00

%

12,

855,

627

10

0.00

%

416

,382

3.

24%

NOTE

: Nu

mbe

rs m

ay n

ot s

um to

tota

l due

to ro

undi

ng.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL R

EVEN

UE

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

WIL

LIAM

PRE

STON

LAN

E, J

R. M

EMOR

IAL

BRID

GE (B

AY B

RIDG

E )

TOLL

REV

ENUE

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Ra

te

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

$ 4

.00

$ 1

5,09

9,58

9

28.9

2%

$ 2

2,70

1,92

1

28.2

6%

$

(7,6

02,3

32)

-33.

49%

E-ZP

ass

F

ull-F

are

$ 4

.00

6,5

17,6

88

12.4

8%

9,5

40,4

32

11.8

8%

(3,0

22,7

44)

-31.

68%

M

D E-

ZPas

s $

2.5

0 7

,959

,298

15

.24%

1

4,14

9,79

4

17.6

2%

(6,1

90,4

96)

-43.

75%

C

omm

uter

/Sho

pper

s $

1.40

/ $

2.0

0 5

,092

,607

9.

75%

8

,314

,010

10

.35%

(3

,221

,403

) -3

8.75

%Vi

deo

Tollin

g $

6.0

0 9

28,3

47

1.78

%

923

,938

1.

15%

4

,409

0.

48%

Tota

l (Cl

ass

2 &

8 Ve

hicl

es):

$

35,

597,

529

68

.18%

$

55,

630,

094

69

.26%

$

(20,

032,

565)

-3

6.01

%

CLAS

S 3

VEHI

CLES

Ca

sh in

Lan

e $

8.0

0

$

318

,400

0.

61%

$

495,

444

0.

62%

$

(177

,044

) -3

5.73

%E-

ZPas

s $

8.0

0

808,

712

1.

55%

1

,073

,400

1.

34%

(2

64,6

88)

-24.

66%

Vide

o To

lling

$ 12

.00

29

,775

0.

06%

3

0,21

6

0.04

%

(441

) -1

.46%

Tota

l:

1,1

56,8

87

2.22

%

1,5

99,0

60

1.99

%

(442

,173

) -2

7.65

%

CLAS

S 4

VEHI

CLES

Ca

sh in

Lan

e $

12.0

0 5

37,6

12

1.03

%

791

,622

0.

99%

(2

54,0

10)

-32.

09%

E-ZP

ass

$ 12

.00

1,0

91,7

66

2.09

%

1,4

77,0

44

1.84

%

(385

,278

) -2

6.08

%Vi

deo

Tollin

g $

18.0

0 4

0,74

8

0.08

%

36,

385

0.

05%

4

,363

11

.99%

Tota

l:

1,6

70,1

26

3.20

%

2,3

05,0

51

2.87

%

(634

,925

) -2

7.54

%

CLAS

S 5

VEHI

CLES

Ca

sh in

Lan

e $

24.0

0 4

,505

,088

8.

63%

7

,070

,940

8.

80%

(2

,565

,852

) -3

6.29

%E-

ZPas

s $

24.0

0 9

,317

,640

17

.85%

1

3,70

0,34

0

17.0

6%

(4,3

82,7

00)

-31.

99%

E

TC U

sage

Disc

(577

,610

) -1

.11%

(8

39,5

90)

-1.0

5%

261

,980

-3

1.20

%Vi

deo

Tollin

g $

36.0

0 2

17,8

19

0.42

%

229

,619

0.

29%

(1

1,80

0)

-5.1

4%To

tal:

1

3,46

2,93

7

25.7

8%

20,

161,

309

25

.10%

(6

,698

,372

) -3

3.22

%

CLAS

S 6

VEHI

CLES

Ca

sh in

Lan

e $

30.0

0 3

3,28

5

0.06

%

62,

325

0.

08%

(2

9,04

0)

-46.

59%

E-ZP

ass

$ 30

.00

286

,335

0.

55%

5

48,7

30

0.68

%

(262

,395

) -4

7.82

%Vi

deo

Tollin

g $

45.0

0 6

,135

0.

01%

1

2,51

0

0.02

%

(6,3

75)

-50.

96%

Tota

l:

325

,755

0.

62%

6

23,5

65

0.78

%

(297

,810

) -4

7.76

%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

$ 1

6,61

5,70

5

31.8

2%

$ 2

4,68

8,98

5

30.7

4%

$

(8,0

73,2

80)

-32.

70%

GRAN

D TO

TAL:

$ 5

2,21

3,23

4

100.

00%

$

80,

319,

079

10

0.00

%

$ (2

8,10

5,84

5)

-34.

99%

REVE

NUE

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

$ 2

0,49

3,97

4

39.2

5%

$ 3

1,12

2,25

2

38.7

5%

$ (

10,6

28,2

78)

-34.

15%

Tota

l E-Z

Pass

30,

496,

436

58

.41%

4

7,96

4,16

0

59.7

2%

(17,

467,

724)

-3

6.42

%To

tal V

ideo

Tollin

g

1,2

22,8

24

2.34

%

1,2

32,6

67

1.53

%

(9,8

43)

-0.8

0%

GRAN

D TO

TAL:

$ 5

2,21

3,23

4

100.

00%

$

80,

319,

079

10

0.00

%

$ (2

8,10

5,84

5)

-34.

99%

NOTE

: Nu

mbe

rs m

ay n

ot s

um to

tota

l due

to ro

undi

ng.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL T

RANS

ACTI

ONS

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

(UNA

UDIT

ED)

BALT

IMOR

E HA

RBOR

TUN

NEL

TOLL

TRA

NSAC

TION

S

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

7

,331

,325

25

.92%

7

,230

,423

26

.68%

1

00,9

02

1.40

%Of

ficia

l Dut

y

77,8

29

0.28

%

80,7

91

0.30

%

(2,9

62)

-3.6

7%E-

ZPas

s F

ull-F

are

4,

784,

619

16

.91%

4,

268,

538

15

.75%

5

16,0

81

12.0

9% M

D E-

ZPas

s

5,64

3,25

7

19.9

5%

4,26

2,49

8

15.7

3%

1,3

80,7

59

32.3

9% C

omm

uter

9,01

7,95

8

31.8

8%

10,0

20,9

18

36.9

8%

(1,0

02,9

60)

-10.

01%

Offi

cial

Dut

y

359,

916

1.

27%

37

0,96

6

1.37

%

(11,

050)

-2

.98%

Vide

o Tr

ansa

ctio

ns

43

8,54

2

1.55

%

276,

224

1.

02%

1

62,3

18

58.7

6%To

tal (

Clas

s2 &

8 V

ehic

les)

:

27,6

53,4

46

97.7

6%

26,5

10,3

57

97.8

3%

1,1

43,0

89

4.31

%

CLAS

S 3

VEHI

CLES

Cash

in L

ane

31

,409

0.

11%

32

,661

0.

12%

(1

,252

) -3

.83%

E-ZP

ass

25

5,89

1

0.90

%

238,

041

0.

88%

1

7,85

0

7.50

%Vi

deo

Tran

sact

ions

5,28

4

0.02

%

3,61

6

0.01

%

1,6

68

46.1

2%To

tal:

29

2,58

5

1.03

%

274,

318

1.

01%

1

8,26

6

6.66

%

CLAS

S 4

VEHI

CLES

Cash

in L

ane

26

,330

0.

09%

24

,689

0.

09%

1

,641

6.

65%

E-ZP

ass

86

,878

0.

31%

79

,405

0.

29%

7

,473

9.

41%

Vide

o Tr

ansa

ctio

ns

1,

903

0.

01%

1,

246

0.

00%

6

57

52.7

1%To

tal:

11

5,11

1

0.41

%

105,

340

0.

39%

9

,771

9.

28%

CLAS

S 5

VEHI

CLES

Cash

in L

ane

18

,925

0.

07%

17

,818

0.

07%

1

,107

6.

21%

E-ZP

ass

20

0,56

7

0.71

%

184,

888

0.

68%

1

5,67

9

8.48

%Vi

deo

Tran

sact

ions

3,28

6

0.01

%

1,92

0

0.01

%

1,3

66

71.1

4%To

tal:

22

2,77

8

0.79

%

204,

626

0.

76%

1

8,15

2

8.87

%

CLAS

S 6

VEHI

CLES

Cash

in L

ane

16

5

0.00

%

171

0.

00%

(6

) -3

.51%

E-ZP

ass

2,

469

0.

01%

2,

675

0.

01%

(2

06)

-7.6

9%Vi

deo

Tran

sact

ions

42

0.00

%

108

0.

00%

(6

6)

-61.

02%

Tota

l:

2,67

6

0.01

%

2,95

4

0.01

%

(277

) -9

.39%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

633

,150

2.

24%

5

87,2

38

2.17

%

45,

912

7.

82%

GRAN

D TO

TAL:

28,

286,

595

10

0.00

%

27,

097,

595

10

0.00

%

1,1

89,0

00

4.39

%

TOLL

TRA

NSAC

TION

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

7,48

5,98

3

26.4

6%

7,38

6,55

3

27.2

6%

99,

430

1.

35%

Tota

l E-Z

Pass

20,3

51,5

56

71.9

5%

19,4

27,9

28

71.7

0%

923

,627

4.

75%

Tota

l Vid

eo Tr

ansa

ctio

ns

44

9,05

7

1.59

%

283,

114

1.

04%

1

65,9

43

58.6

1%

GRAN

D TO

TAL:

28,2

86,5

95

100.

00%

27

,097

,595

10

0.00

%

1,1

89,0

00

4.39

%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL R

EVEN

UE

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

BALT

IMOR

E HA

RBOR

TUN

NEL

TOLL

REV

ENUE

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Ra

te

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

$ 4

.00

$ 2

9,32

5,29

9

33.0

2%

$ 2

8,92

1,69

0

34.1

7%

$

403

,609

1.

40%

E-ZP

ass

F

ull-F

are

$ 4

.00

19,

138,

477

21

.55%

1

7,07

4,15

2

20.1

7%

2,0

64,3

25

12.0

9%

MD

E-ZP

ass

$ 3

.00

16,

929,

770

19

.06%

1

5,34

4,99

2

18.1

3%

1,5

84,7

78

10.3

3%

Com

mut

er

$ 1

.40

12,

625,

141

14

.22%

1

4,02

9,28

5

16.5

8%

(1,4

04,1

44)

-10.

01%

Vide

o To

lling

$ 6

.00

2,6

31,2

52

2.96

%

1,6

63,0

61

1.96

%

968

,191

58

.22%

Tota

l (Cl

ass

2 &

8 Ve

hicl

es):

$

80,

649,

939

90

.82%

$

77,

033,

180

91

.02%

$

3,6

16,7

59

4.70

%

CLAS

S 3

VEHI

CLES

Ca

sh in

Lan

e $

8.0

0 $

251,

272

0.

28%

$

261,

288

0.

31%

$

(

10,0

16)

-3.8

3%E-

ZPas

s $

8.0

0 2

,047

,130

2.

31%

1

,904

,328

2.

25%

1

42,8

02

7.50

%Vi

deo

Tollin

g $

12.0

0 6

3,41

2

0.07

%

43,

397

0.

05%

2

0,01

5

46.1

2%To

tal:

2

,361

,814

2.

66%

2

,209

,013

2.

61%

1

52,8

01

6.92

%

CLAS

S 4

VEHI

CLES

Ca

sh in

Lan

e $

12.0

0 3

15,9

60

0.36

%

296

,268

0.

35%

1

9,69

2

6.65

%E-

ZPas

s $

12.0

0 1

,042

,536

1.

17%

9

52,8

60

1.13

%

89,

676

9.

41%

Vide

o To

lling

$ 18

.00

34,

248

0.

04%

2

2,42

8

0.03

%

11,

821

52

.71%

Tota

l:

1,3

92,7

44

1.57

%

1,2

71,5

56

1.50

%

121

,189

9.

53%

CLAS

S 5

VEHI

CLES

Ca

sh in

Lan

e $

24.0

0 4

54,2

00

0.51

%

427

,632

0.

51%

2

6,56

8

6.21

%E-

ZPas

s $

24.0

0 4

,813

,610

5.

42%

4

,437

,312

5.

24%

3

76,2

98

8.48

%

ETC

Usa

ge D

isc

(1

,064

,737

) -1

.20%

(9

03,1

85)

-1.0

7%

(161

,552

) 17

.89%

Vide

o To

lling

$ 36

.00

118

,291

0.

13%

6

9,12

0

0.08

%

49,

171

71

.14%

Tota

l:

4,3

21,3

64

4.87

%

4,0

30,8

79

4.76

%

290

,485

7.

21%

CLAS

S 6

VEHI

CLES

Ca

sh in

Lan

e $

30.0

0 4

,950

0.

01%

5

,130

0.

01%

(1

80)

-3.5

1%E-

ZPas

s $

30.0

0 7

4,08

2

0.08

%

80,

250

0.

09%

(6

,168

) -7

.69%

Vide

o To

lling

$ 45

.00

1,8

87

0.00

%

4,8

41

0.01

%

(2,9

54)

-61.

02%

Tota

l:

80,

919

0.

09%

9

0,22

1

0.11

%

(9,3

02)

-10.

31%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

$

8,15

6,84

1

9.18

%

$

7,60

1,66

8

8.98

%

$

555

,173

7.

30%

GRAN

D TO

TAL:

$ 8

8,80

6,78

0

100.

00%

$

84,

634,

847

10

0.00

%

$ 4

,171

,933

4.

93%

REVE

NUE

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

$ 3

0,35

1,68

1

34.1

8%

$ 2

9,91

2,00

8

35.3

4%

$

439

,673

1.

47%

Tota

l E-Z

Pass

55,

606,

009

62

.61%

5

2,91

9,99

3

62.5

3%

2,6

86,0

16

5.08

%To

tal V

ideo

Tollin

g

2,8

49,0

90

3.21

%

1,8

02,8

46

2.13

%

1,0

46,2

44

58.0

3%

GRAN

D TO

TAL:

$ 8

8,80

6,78

0

100.

00%

$

84,

634,

847

10

0.00

%

$ 4

,171

,933

4.

93%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL T

RANS

ACTI

ONS

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

(UNA

UDIT

ED)

FRAN

CIS

SCOT

T KE

Y BR

IDGE

TOLL

TRA

NSAC

TION

S

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

2

,130

,418

19

.03%

2

,160

,395

20

.33%

(2

9,97

7)

-1.3

9%Of

ficia

l Dut

y

30,3

76

0.27

%

31,2

55

0.29

%

(879

) -2

.81%

E-ZP

ass

Ful

l-Far

e

385,

066

3.

44%

39

7,19

4

3.74

%

(12,

128)

-3

.05%

MD

E-ZP

ass

2,

011,

691

17

.97%

1,

842,

699

17

.34%

1

68,9

92

9.17

% C

omm

uter

5,18

5,81

1

46.3

2%

4,80

4,23

4

45.2

1%

381

,577

7.

94%

Offi

cial

Dut

y

255,

927

2.

29%

26

3,35

7

2.48

%

(7,4

30)

-2.8

2%Vi

deo

Tran

sact

ions

186,

190

1.

66%

12

5,29

0

6

0,90

1

48.6

1%To

tal (

Clas

s 2

& 8

Vehi

cles

):

10,1

85,4

79

90.9

8%

9,62

4,42

4

90.5

6%

561

,055

5.

83%

CLAS

S 3

VEHI

CLES

Cash

in L

ane

26

,761

0.

24%

28

,746

0.

27%

(1

,985

) -6

.91%

E-ZP

ass

19

5,19

8

1.74

%

200,

979

1.

89%

(5

,781

) -2

.88%

Vide

o Tr

ansa

ctio

ns

2,

992

0.

03%

2,

316

0.

02%

6

76

29.1

8%To

tal:

22

4,95

1

2.01

%

232,

041

2.

18%

(7

,090

) -3

.06%

CLAS

S 4

VEHI

CLES

Cash

in L

ane

21

,872

0.

20%

22

,435

0.

21%

(5

63)

-2.5

1%E-

ZPas

s

147,

179

1.

31%

13

6,01

4

1.28

%

11,

165

8.

21%

Vide

o Tr

ansa

ctio

ns

2,

181

0.

02%

1,

086

0.

01%

1

,095

10

0.86

%To

tal:

17

1,23

1

1.53

%

159,

535

1.

50%

1

1,69

7

7.33

%

CLAS

S 5

VEHI

CLES

Cash

in L

ane

48

,749

0.

44%

54

,165

0.

51%

(5

,416

) -1

0.00

%E-

ZPas

s

538,

109

4.

81%

53

1,68

9

5.00

%

6,4

20

1.21

%Vi

deo

Tran

sact

ions

5,79

3

0.05

%

4,21

5

0.04

%

1,5

77

37.4

2%To

tal:

59

2,65

1

5.29

%

590,

069

5.

55%

2

,581

0.

44%

CLAS

S 6

VEHI

CLES

Cash

in L

ane

84

5

0.01

%

1,01

2

0.01

%

(167

) -1

6.50

%E-

ZPas

s

19,9

03

0.18

%

20,1

48

0.19

%

(245

) -1

.22%

Vide

o Tr

ansa

ctio

ns

21

3

0.00

%

245

0.

00%

(3

2)

-13.

00%

Tota

l:

20,9

61

0.19

%

21,4

05

0.20

%

(444

) -2

.07%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

1,0

09,7

95

9.02

%

1,0

03,0

51

9.44

%

6,7

44

0.67

%

GRAN

D TO

TAL:

11,

195,

273

10

0.00

%

10,

627,

474

10

0.00

%

567

,799

5.

34%

TOLL

TRA

NSAC

TION

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

2,25

9,02

1

20.1

8%

2,29

8,00

8

21.6

2%

(38,

987)

-1

.70%

Tota

l E-Z

Pass

8,73

8,88

3

78.0

6%

8,19

6,31

4

77.1

2%

542

,569

6.

62%

Tota

l Vid

eo Tr

ansa

ctio

ns

19

7,36

9

1.76

%

133,

152

1.

25%

6

4,21

7

48.2

3%

GRAN

D TO

TAL:

11,1

95,2

73

100.

00%

10

,627

,474

10

0.00

%

567

,799

5.

34%

NOTE

: Nu

mbe

rs m

ay n

ot s

um to

tota

l due

to ro

undi

ng.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL R

EVEN

UE

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

FRAN

CIS

SCOT

T KE

Y BR

IDGE

TOLL

REV

ENUE

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Ra

te

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

$ 4

.00

$

8,52

1,67

2

19.9

6%

$

8,64

1,58

0

20.3

7%

$ (1

19,9

08)

-1.3

9%E-

ZPas

s

Ful

l-Far

e $

4.0

0 1

,540

,262

3.

61%

1

,588

,776

3.

74%

(4

8,51

4)

-3.0

5%

MD

E-ZP

ass

$ 3

.00

6,0

35,0

74

14.1

4%

6,6

33,7

16

15.6

3%

(598

,642

) -9

.02%

C

omm

uter

$

1.4

0 7

,260

,135

17

.01%

6

,725

,928

15

.85%

5

34,2

07

7.94

%Vi

deo

Tollin

g $

6.0

0 1

,117

,142

2.

62%

7

39,9

66

1.74

%

377

,176

50

.97%

Tota

l (Cl

ass

2 &

8 Ve

hicl

es):

$

24,

474,

285

57

.34%

$

24,

329,

966

57

.34%

$

144

,319

0.

59%

CLAS

S 3

VEHI

CLES

Ca

sh in

Lan

e $

8.0

0 $

214,

088

0.

50%

$

229,

968

0.

54%

$

(15

,880

) -6

.91%

E-ZP

ass

$ 8

.00

1,5

61,5

86

3.66

%

1,6

07,8

32

3.79

%

(46,

246)

-2

.88%

Vide

o To

lling

$ 12

.00

35,

905

0.

08%

2

7,79

5

0.07

%

8,1

11

29.1

8%To

tal:

1

,811

,579

4.

24%

1

,865

,595

4.

40%

(5

4,01

6)

-2.9

0%

CLAS

S 4

VEHI

CLES

Ca

sh in

Lan

e $

12.0

0 2

62,4

64

0.61

%

269

,220

0.

63%

(6

,756

) -2

.51%

E-ZP

ass

$ 12

.00

1,7

66,1

44

4.14

%

1,6

32,1

68

3.85

%

133

,976

8.

21%

Vide

o To

lling

$ 18

.00

39,

254

0.

09%

1

9,54

4

0.05

%

19,

711

10

0.85

%To

tal:

2

,067

,862

4.

84%

1

,920

,932

4.

53%

1

46,9

31

7.65

%

CLAS

S 5

VEHI

CLES

Ca

sh in

Lan

e $

24.0

0 1

,169

,976

2.

74%

1

,299

,960

3.

06%

(1

29,9

84)

-10.

00%

E-ZP

ass

$ 24

.00

12,

914,

614

30

.25%

1

2,76

0,53

6

30.0

7%

154

,078

1.

21%

E

TC U

sage

Disc

(592

,906

) -1

.39%

(5

43,0

07)

-1.2

8%

(49,

899)

9.

19%

Vide

o To

lling

$ 36

.00

208

,538

0.

49%

1

51,7

55

0.36

%

56,

783

37

.42%

Tota

l:

13,

700,

222

32

.10%

1

3,66

9,24

4

32.2

1%

30,

978

0.

23%

CLAS

S 6

VEHI

CLES

Ca

sh in

Lan

e $

30.0

0 2

5,35

0

0.06

%

30,

360

0.

07%

(5

,010

) -1

6.50

%E-

ZPas

s $

30.0

0 5

97,0

84

1.40

%

604

,440

1.

42%

(7

,356

) -1

.22%

Vide

o To

lling

$ 45

.00

9,5

99

0.02

%

11,

033

0.

03%

(1

,434

) -1

2.99

%To

tal:

6

32,0

33

1.48

%

645

,833

1.

52%

(1

3,80

0)

-2.1

4%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

$ 1

8,21

1,69

6

42.6

6%

$ 1

8,10

1,60

3

42.6

6%

$ 1

10,0

93

0.61

%

GRAN

D TO

TAL:

$ 4

2,68

5,98

1

100.

00%

$

42,

431,

569

10

0.00

%

$ 2

54,4

12

0.60

%

REVE

NUE

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

$ 1

0,19

3,55

0

23.8

8%

$ 1

0,47

1,08

8

24.6

8%

$ (2

77,5

38)

-2.6

5%To

tal E

-ZPa

ss

3

1,08

1,99

3

72.8

2%

31,

010,

389

73

.08%

7

1,60

5

0.23

%To

tal V

ideo

Tollin

g

1,4

10,4

38

3.30

%

950

,092

2.

24%

4

60,3

46

48.4

5%

GRAN

D TO

TAL:

$ 4

2,68

5,98

1

100.

00%

$

42,

431,

569

10

0.00

%

$ 2

54,4

12

0.60

%

NOTE

: Nu

mbe

rs m

ay n

ot s

um to

tota

l due

to ro

undi

ng.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL T

RANS

ACTI

ONS

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

((UNA

UDIT

ED)

FORT

MCH

ENRY

TUN

NEL

TOLL

TRA

NSAC

TION

S

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

10

,014

,220

23

.49%

10

,147

,310

24

.25%

(1

33,0

90)

-1.3

1%Of

ficia

l Dut

y

60,7

73

0.14

%

72,9

76

0.17

%

(12,

203)

-1

6.72

%E-

ZPas

s

Ful

l-Far

e

8,11

8,62

4

19.0

4%

8,12

8,04

4

19.4

2%

(9,4

21)

-0.1

2%

MD

E-ZP

ass

7,

535,

417

17

.67%

5,

834,

894

13

.94%

1,

700,

522

29

.14%

C

omm

uter

12,0

78,2

20

28.3

3%

13,2

73,0

80

31.7

2%

(1,1

94,8

60)

-9.0

0%

Offi

cial

Dut

y

411,

267

0.

96%

41

8,51

9

1.00

%

(7,2

52)

-1.7

3%Vi

deo

Tran

sact

ions

657,

799

1.

54%

44

0,79

7

1.05

%

217,

002

49

.23%

Tota

l (Cl

ass

2 &

8 Ve

hicl

es):

38

,876

,320

91

.18%

38

,315

,620

91

.56%

56

0,69

9

1.46

%

CLAS

S 3

VEHI

CLES

Cash

in L

ane

74

,435

0.

17%

77

,475

0.

19%

(3

,040

) -3

.92%

E-ZP

ass

54

2,28

6

1.27

%

515,

730

1.

23%

26

,556

5.

15%

Vide

o Tr

ansa

ctio

ns

12

,156

0.

03%

8,

469

0.

02%

3,

687

43

.54%

Tota

l:

628,

877

1.

47%

60

1,67

4

1.44

%

27,2

03

4.52

%

CLAS

S 4

VEHI

CLES

Cash

in L

ane

69

,300

0.

16%

71

,046

0.

17%

(1

,746

) -2

.46%

E-ZP

ass

40

5,08

5

0.95

%

366,

339

0.

88%

38

,746

10

.58%

Vide

o Tr

ansa

ctio

ns

6,

947

0.

02%

4,

013

0.

01%

2,

934

73

.11%

Tota

l:

481,

332

1.

13%

44

1,39

8

1.05

%

39,9

34

9.05

%

CLAS

S 5

VEHI

CLES

Cash

in L

ane

31

4,51

8

0.74

%

324,

485

0.

78%

(9

,967

) -3

.07%

E-ZP

ass

2,

252,

768

5.

28%

2,

090,

810

5.

00%

16

1,95

8

7.75

%Vi

deo

Tran

sact

ions

34,6

75

0.08

%

24,3

71

0.06

%

10,3

04

42.2

8%To

tal:

2,

601,

961

6.

10%

2,

439,

666

5.

83%

16

2,29

5

6.65

%

CLAS

S 6

VEHI

CLES

Cash

in L

ane

2,

303

0.

01%

2,

514

0.

01%

(2

11)

-8.3

9%E-

ZPas

s

47,2

94

0.11

%

45,4

57

0.11

%

1,83

7

4.04

%Vi

deo

Tran

sact

ions

985

0.

00%

75

7

0.00

%

228

30

.12%

Tota

l:

50,5

82

0.12

%

48,7

28

0.12

%

1,85

4

3.80

%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

3,76

2,75

1

8.82

%

3,53

1,46

5

8.44

%

231,

286

6.

55%

GRAN

D TO

TAL:

42,6

39,0

71

100.

00%

41

,847

,086

10

0.00

%

791,

985

1.

89%

TOLL

TRA

NSAC

TION

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

10,5

35,5

49

24.7

1%

10,6

95,8

06

25.5

6%

(160

,257

) -1

.50%

Tota

l E-Z

Pass

31,3

90,9

60

73.6

2%

30,6

72,8

73

73.3

0%

718,

087

2.

34%

Tota

l Vid

eo Tr

ansa

ctio

ns

71

2,56

2

1.67

%

478,

407

1.

14%

23

4,15

5

48.9

4%

GRAN

D TO

TAL:

42,6

39,0

71

100.

00%

41

,847

,086

10

0.00

%

791,

985

1.

89%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL R

EVEN

UE

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

FORT

MCH

ENRY

TUN

NEL

TOLL

REV

ENUE

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Ra

te

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

Cash

in L

ane

$ 4

.00

$

40,0

56,8

80

21.2

2%

$

40,5

89,2

40

22.1

2%

$

(532

,360

) -1

.31%

E-ZP

ass

F

ull-F

are

$ 4

.00

32,

474,

494

17

.21%

3

2,51

2,17

6

17.7

2%

(37,

682)

-0

.12%

M

D E-

ZPas

s $

3.0

0 2

2,60

6,25

0

11.9

8%

21,

005,

620

11

.45%

1

,600

,630

7.

62%

C

omm

uter

$

1.4

0 1

6,90

9,50

8

8.96

%

18,

582,

312

10

.13%

(1

,672

,804

) -9

.00%

Vide

o To

lling

$ 6

.00

3,9

46,7

97

2.09

%

2,60

1,93

6

1.42

%

1,3

44,8

61

51.6

9%To

tal (

Clas

s 2

& 8

Vehi

cles

):

$ 1

15,9

93,9

29

61.4

5%

$ 11

5,29

1,28

4

62.8

3%

$

702

,645

0.

61%

CLAS

S 3

VEHI

CLES

Ca

sh in

Lan

e $

8.0

0 $

595

,480

0.

32%

$

619

,800

0.

34%

$

(

24,3

20)

-3.9

2%E-

ZPas

s $

8.0

0 4

,338

,288

2.

30%

4

,125

,840

2.

25%

2

12,4

48

5.15

%Vi

deo

Tollin

g $

12.0

0 1

45,8

69

0.08

%

101

,626

0.

06%

4

4,24

3

43.5

3%To

tal:

5

,079

,637

2.

69%

4

,847

,266

2.

64%

2

32,3

71

4.79

%

CLAS

S 4

VEHI

CLES

Ca

sh in

Lan

e $

12.0

0 8

31,6

00

0.44

%

852

,552

0.

46%

(2

0,95

2)

-2.4

6%E-

ZPas

s $

12.0

0 4

,861

,020

2.

58%

4

,396

,068

2.

40%

4

64,9

52

10.5

8%Vi

deo

Tollin

g $

18.0

0 1

25,0

48

0.07

%

72,

238

0.

04%

5

2,81

0

73.1

1%To

tal:

5

,817

,668

3.

08%

5

,320

,858

2.

90%

4

96,8

10

9.34

%

CLAS

S 5

VEHI

CLES

Ca

sh in

Lan

e $

24.0

0 7

,548

,432

4.

00%

7

,787

,640

4.

24%

(2

39,2

08)

-3.0

7%E-

ZPas

s $

24.0

0 5

4,06

6,43

2

28.6

5%

50,

179,

440

27

.35%

3

,886

,992

7.

75%

E

TC U

sage

Disc

(2,5

40,2

12)

-1.3

5%

(2,2

74,3

37)

-1.2

4%

(265

,875

) 11

.69%

Vide

o To

lling

$ 36

.00

1,2

48,2

89

0.66

%

877

,345

0.

48%

3

70,9

44

42.2

8%To

tal:

6

0,32

2,94

1

31.9

6%

56,

570,

088

30

.83%

3

,752

,853

6.

63%

CLAS

S 6

VEHI

CLES

Cash

in L

ane

$ 30

.00

69,

090

0.

04%

7

5,42

0

0.04

%

(6,3

30)

-8.3

9%E-

ZPas

s $

30.0

0 1

,418

,820

0.

75%

1

,363

,710

0.

74%

5

5,11

0

4.04

%Vi

deo

Tollin

g $

45.0

0 4

4,30

8

0.02

%

34,

053

0.

02%

1

0,25

6

30.1

2%To

tal:

1

,532

,218

0.

81%

1

,473

,183

0.

80%

5

9,03

6

4.01

%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

$

72,7

52,4

64

38.5

5%

$

68,2

11,3

94

37.1

7%

$ 4

,541

,070

6.

66%

GRAN

D TO

TAL:

$ 1

88,7

46,3

93

100.

00%

$

183

,502

,678

10

0.00

%

$ 5

,243

,715

2.

86%

REVE

NUE

COM

POSI

TE:

Tota

l Cas

h in

Lan

e

$

49,1

01,4

82

26.0

1%

$

49,9

24,6

52

27.2

1%

$

(823

,170

) -1

.65%

Tota

l E-Z

Pass

134

,134

,600

71

.07%

1

29,8

90,8

29

70.7

8%

4,2

43,7

71

3.27

%To

tal V

ideo

Tollin

g

5,5

10,3

11

2.92

%

3,6

87,1

98

2.01

%

1,8

23,1

13

49.4

4%

GRAN

D TO

TAL:

$ 1

88,7

46,3

93

100.

00%

$

183

,502

,678

10

0.00

%

$ 5

,243

,715

2.

86%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL T

RANS

ACTI

ONS

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

(UNA

UDIT

ED)

INTE

RCOU

NTY

CONN

ECTO

R

TOLL

TRA

NSAC

TION

S

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

E-ZP

ass

24

,722

,071

82

.48%

20

,580

,598

85

.33%

4,

141,

473

20

.12%

Offic

ial D

uty

45

2,52

1

1.51

%

458,

387

1.

90%

(5

,866

) -1

.28%

Vide

o Tr

ansa

ctio

ns

3,

982,

821

13

.29%

2,

235,

793

9.

27%

1,

747,

028

78

.14%

Tota

l (Cl

ass

2 &

8 Ve

hicl

es):

29

,157

,413

97

.27%

23

,274

,778

97

.15%

5,

882,

635

25

.27%

CLAS

S 3

VEHI

CLES

E-ZP

ass

25

7,30

5

0.86

%

238,

797

0.

99%

18

,508

7.

75%

Vide

o Tr

ansa

ctio

ns

62

,405

0.

21%

69

,738

0.

21%

(7

,333

) -1

0.51

%To

tal:

31

9,71

0

1.07

%

308,

535

1.

20%

11

,175

3.

62%

CLAS

S 4

VEHI

CLES

E-ZP

ass

14

6,19

9

0.49

%

118,

873

0.

49%

27

,326

22

.99%

Vide

o Tr

ansa

ctio

ns

48

,448

0.

16%

61

,939

0.

16%

(1

3,49

1)

-21.

78%

Tota

l:

194,

647

0.

65%

18

0,81

2

0.65

%

13,8

35

7.65

%

CLAS

S 5

VEHI

CLES

E-ZP

ass

23

8,73

4

0.80

%

193,

987

0.

80%

44

,747

23

.07%

Vide

o Tr

ansa

ctio

ns

52

,557

0.

18%

14

5,22

0

0.14

%

(92,

663)

-6

3.81

%To

tal:

29

1,29

1

0.97

%

339,

207

0.

95%

(4

7,91

6)

-14.

13%

CLAS

S 6

VEHI

CLES

E-ZP

ass

10

,603

0.

04%

7,

777

0.

03%

2,

826

36

.34%

Vide

o Tr

ansa

ctio

ns

1,

503

0.

01%

6,

978

0.

02%

(5

,475

) -7

8.46

%To

tal:

12

,106

0.

04%

14

,755

0.

05%

(2

,649

) -1

7.95

%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

817,

755

2.

73%

84

3,30

9

2.32

%

(25,

554)

-3

.03%

GRAN

D TO

TAL:

29,9

75,1

68

100.

00%

24

,118

,087

10

0.00

%

5,85

7,08

1

24.2

9%

TOLL

TRA

NSAC

TION

COM

POSI

TE:

Tota

l E-Z

Pass

25,8

27,4

33

86.1

6%

21,5

98,4

19

89.5

5%

4,22

9,01

4

19.5

8%To

tal V

ideo

Tran

sact

ions

4,14

7,73

5

13.8

4%

2,51

9,66

8

10.4

5%

1,62

8,06

7

64.6

1%

GRAN

D TO

TAL:

29,9

75,1

68

100.

00%

24

,118

,087

10

0.00

%

5,85

7,08

1

24.2

9%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.


Mar

ylan

d Tr

ansp

orta

tion

Auth

ority

SC

HEDU

LE O

F TO

LL R

EVEN

UE

For t

he F

isca

l Yea

rs E

nded

Jun

e 30

INTE

RCOU

NTY

CONN

ECTO

R

TOLL

REV

ENUE

20

16

2015

(For

com

para

tive

purp

oses

onl

y)

Cha

nges

C

hang

es

CLAS

S 2

& 8

VEHI

CLES

Num

ber

Perc

ent

Num

ber

Perc

ent

Num

ber

Perc

ent

E-ZP

ass

$

43,

047,

499

72

.58%

$

42,

329,

936

75

.57%

$

7

17,5

63

1.70

%

Vide

o To

lling

1

1,14

9,25

0

18.8

0%

7,8

93,8

67

14.0

9%

3,2

55,3

83

41.2

4%To

tal C

lass

2 &

8 V

ehic

les

$

54,

196,

749

91

.38%

$

50,

223,

803

89

.66%

$

3,9

72,9

46

7.91

%

CLAS

S 3

VEHI

CLES

E-ZP

ass

$

832,

237

1.

40%

$

1,

320,

339

2.

36%

$

(48

8,10

2)

-36.

97%

Vide

o To

lling

1

74,6

94

0.29

%

163

,130

0.

29%

11

,564

7.

09%

Tota

l:

1,0

06,9

31

1.70

%

1,4

83,4

69

2.65

%

(476

,538

) -3

2.12

%

CLAS

S 4

VEHI

CLES

E-ZP

ass

8

16,9

34

1.38

%

1,1

72,6

87

2.09

%

(355

,753

) -3

0.34

%Vi

deo

Tollin

g

135

,622

0.

23%

1

26,7

32

0.23

%

8,8

90

7.02

%To

tal:

9

52,5

56

1.61

%

1,2

99,4

19

2.32

%

(346

,863

) -2

6.69

%

CLAS

S 5

VEHI

CLES

E-ZP

ass

2

,839

,729

4.

79%

2

,749

,428

4.

91%

9

0,30

2

3.28

%

Vide

o To

lling

1

47,1

26

0.25

%

115

,088

0.

21%

32

,038

27

.84%

To

tal:

2

,986

,855

5.

04%

2

,864

,515

5.

11%

1

22,3

40

4.27

%

CLAS

S 6

VEHI

CLES

E-ZP

ass

1

65,1

43

0.28

%

132

,112

0.

24%

3

3,03

1

25.0

0%Vi

deo

Tollin

g

4,2

08

0.01

%

14,

284

0.

03%

(1

0,07

6)

-70.

54%

Tota

l:

169

,351

0.

29%

1

46,3

96

0.26

%

22,

955

15

.68%

Tota

l (Cl

ass

3, 4

, 5 &

6 V

ehic

les)

$

5,11

5,69

3

8.62

%

$

5,79

3,79

9

10.3

4%

$

(678

,106

) -1

1.70

%

GRAN

D TO

TAL:

$ 5

9,31

2,44

2

100.

00%

$

56,

017,

601

10

0.00

%

$ 3

,294

,841

5.

88%

REVE

NUE

COM

POSI

TE:

Tota

l E-Z

Pass

$ 4

7,70

1,54

2

80.4

2%

$ 4

7,70

4,50

1

85.1

6%

$

(2

,959

) -0

.01%

Tota

l Vid

eo To

lling

1

1,61

0,90

0

19.5

8%

8,3

13,1

00

14.8

4%

3,29

7,80

0

39.6

7%

GRAN

D TO

TAL:

$ 5

9,31

2,44

2

100.

00%

$

56,

017,

601

10

0.00

%

$ 3

,294

,841

5.

88%

NOTE

: Num

bers

may

not

sum

to to

tal d

ue to

roun

ding

.

The

Inte

rcou

nty

Conn

ecto

r is

a va

riabl

y pr

iced

faci

lity,

whe

re to

lls a

re h

ighe

r dur

ing

peak

trav

el ti

mes

to h

elp

man

age

cong

estio

n. T

otal

cos

t to

the

cust

omer

is b

ased

on

time

of d

ay a

nd m

iles

trave

led.

Ch

art b

elow

sho

ws

E-ZP

ass

rate

s. V

ideo

toll

rate

s ar

e 15

0% o

f the

E-Z

Pass

rate

s, w

ith a

min

imum

sur

char

ge o

f $1.

00 a

nd m

axim

um s

urch

arge

of $

15.0

0.

Clas

s 2

& 8

Vehi

cles

Cl

ass

3 Ve

hicl

es

Clas

s 4

Vehi

cles

Cl

ass

5 Ve

hicl

es

Clas

s 6

Vehi

cles

Pe

ak

$ 0.

44 -

$3.8

6 $

0.88

- $7

.71

$ 1.

32 -

$11.

57

$ 2.

64 -

$23.

14

$ 3.

30 -

$28.

9

Of

f-Pe

ak

$ 0.

40 -

$2.9

8 $

0.68

- $5

.96

$ 1.

02 -

$8.9

4 $

2.04

- $1

7.88

$

2.55

- $2

2.35

Ov

erni

ght

$ 0.

40 -

$1.2

3 $

0.40

- $2

.45

$ 0.

42 -

$3.6

8 $0

.84

- $7.

36

$ 1.

05 -

$9.2

0


Maryland Transportation Authority

Bank of New York Mellon, Trustee

M&T Bank, Trustee

INVESTMENT OF FUNDS

MASTER INVESTMENT SCHEDULE

June 30, 2016

Maryland Transporation Authority Series 2007-2012 $ 1,000,410,604

Depository / GARVEE 2007 & 2008 7,258,687

BWI Airport Parking Garage 2012 24,983,550

BWI Airport Consolidated Rental Car Facility 2002 38,891,936

BWI Airport Passenger Facility Charge 2012 63,823,693

Metrorail Parking Projects 2014 4,489,274

Calvert Street Parking 2015 238,444

Total Current and Noncurrent Cash, Cash Equivalents and Investments $ 1,140,096,188




INVESTMENT OF FUNDS

TRANSPORTATION FACILITIES PROJECTS

Created Under Article V of the Trust Agreement

June 30, 2016

Operating $ 52,892,155

General 189,895,309

Maintenance & Operations Reserve 50,645,443

Operating Reserve 56,075,713

Capital 489,530,225

Unrestricted Excluding Operating 786,146,690

Bond Service & Debt Service Reserves 161,371,759

Restricted Bond & Capital 161,371,759

Total Investments $ 1,000,410,604




INTERCOUNTY CONNECTOR

INVESTMENT OF FUNDS

Created Under Article V of the Trust Agreement and Depository AgreementJune 30, 2016

GARVEE Debt Service 2007 $ 1,053

GARVEE Debt Service Reserve 2007 2,459,946

GARVEE Debt Service 2008 1,461

GARVEE Debt Service Reserve 2008 4,745,840

ICC Depository 50,387

Total Investments $ 7,258,687




BWI MARSHALL AIRPORT PARKING GARAGE

INVESTMENT OF FUNDS

Funds Created Under Article IV of the 2002 Trust AgreementJune 30, 2016

Debt Service Reserve $ 18,796,355

Bond Service 6,187,195





BWI MARSHALL AIRPORT CONSOLIDATED RENTAL CAR FACILITY

INVESTMENT OF FUNDS


Facility Improvement $ 24,732,938

Pledged Revenue 1,282,563

Debt Service Reserve 5,391,688

Coverage 1,400,564

Bond Service 6,084,183




M&T Bank, Trustee

BWI MARSHALL AIRPORT PASSENGER FACILITY CHARGE

INVESTMENT OF FUNDS


Facility Improvement $ 41,985,810

Pledged Revenue 4,524,939


Bond Service 103,007





METRORAIL PARKING PROJECTS

INVESTMENT OF FUNDS


Bond Service $ 2,000,081






CALVERT STREET PARKING

INVESTMENT OF FUNDS


Expense $ 2,500

Bond Service 235,944

Total Investments $ 238,444



STATISTICAL Section


110 STATISTICAL SECTION MARYLAND TRANSPORTATION AUTHORITY

Statisical SECTION Index

This part of the Maryland Transportation Authority’s Comprehensive Annual Financial Report presents detailed information as a context for understanding what the information in the financial statements, notes, disclosures and required supplemen-

tary information says about the MDTA’s overall financial health.

Contents

Financial Trends These schedules contain trend information to help the reader understand how the MDTA’s financial performance and

well-being have changed over time. ........................................................................................................................................................111

Revenue Capacity Information These schedules contain information to help the reader assess the MDTA’s revenues. The most significant revenues for the

MDTA are Tolls, Intergovernmental and E-ZPass. ...............................................................................................................................113

Debt Capacity Information These schedules present information to help the reader assess the affordability of the MDTA’s current level of outstanding

debt and the ability to issue additional debt in the future....................................................................................................................118

Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which

the MDTA’s financial activities take place. .............................................................................................................................................123

Operations This section offers operating data to help the reader understand how the information in the MDTA’s financial reports relates

to the services it provides. ........................................................................................................................................................................126

COMPREHENSIVE ANNUAL FINANCIAL REPORT for the FISCAL YEAR ENDED JUNE 30, 2016 STATISTICAL SECTION 111

FINANCIAL TRENDS

TOTAL NET POSITION

For the Fiscal Years Ended June 30 ($ In Thousands)

$4,500,000

$4,000,000

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$02016 2015 2014 2013* 2012 2011 2010 2009 2008

SCHEDULE OF NET POSITION

For The Fiscal Years Ended June 30 ($ in Thousands)

2016 2015 2014 2013* 2012 2011 2010 2009 2008

Net Investments in Capital Assets $ 3,272,233 $ 3,063,514 $ 2,780,650 $ 2,396,410 $ 2,313,587 $ 2,115,839 $ 1,896,303 $ 1,362,646 $ 1,678,752

Restricted 111,091 102,770 176,533 118,036 148,775 242,486 309,338 606,522 226,744

Unrestricted 512,355 417,371 451,236 554,161 453,890 384,721 337,619 281,235 77,377

Total Net Position $ 3,895,679 $ 3,583,655 $ 3,408,419 $ 3,068,607 $ 2,916,252 $ 2,743,046 $ 2,543,260 $ 2,250,403 $ 1,982,873

* Net Position has been restated to conform to GASB No. 65

NOTE: Information not available for fiscal year 2007 due to change in accounting methodology


SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET POSITION

For The Fiscal Years Ended June 30 ($ In Thousands)

2016 2015 2014 2013 2012 2011 2010 2009 2008

Operating Revenues:

Toll $ 644,658 $ 649,791 $ 615,579 $454,849 $ 389,562 $ 308,018 $ 303,095 $ 273,143 $ 275,579

Intergovernmental 130,301 128,579 148,603 127,660 151,462 204,665 211,336 111,289 105,603

E-ZPass 40,712 42,751 34,534 26,333 22,413 21,131 20,838 6,631 7,970

Concession 6,213 5,070 3,314 4,088 7,575 7,924 9,012 7,984 8,069

Other 14,195 1,568 2,612 4,404 7,185 5,589 4,896 3,922 4,405

Total Operating Revenue 836,079 827,759 804,642 617,334 578,197 547,327 549,177 402,969 401,626

Operating Expenses:

Collection, police patrol, and maintenance 216,226 210,058 216,244 200,985 176,455 152,904 145,339 132,940 130,940

Major repairs, replacements, and insurance 3,269 8,153 7,760 11,633 54,960 59,389 59,768 57,400 53,319

General and administrative 37,372 35,407 35,191 30,124 29,739 30,616 26,631 21,331 32,692

Depreciation 124,094 112,177 110,085 103,743 47,919 45,354 50,414 46,216 59,616

Pension Expense*** 41,564 20,193 – – – – – – –

Total Operating Expenses 422,525 385,988 369,280 346,485 309,073 288,263 282,152 257,887 276,567

Income from Operations 413,554 441,771 435,362 270,849 269,124 259,064 267,025 145,082 125,059

Non-Operating Revenues (Expenses)

Investment revenue 13,082 3,452 3,340 650 3,975 1,467 1,790 11,916 6,878

Restricted interest income on investments 1,423 2,309 1,436 1,026 3,543 6,459 10,543 17,774 23,700

Gain/Loss on disposal of land/infrastructure (6,155) (2,303) (8,658) (10,293) (16,949) (996) 58,707 815 –

Interest on direct financing leases – – – – – – – – 839

Restricted interest on direct financing leases – – – – – – – – 23,662

Interest expenses (109,880) (101,568) (91,668) (109,877) (86,487) (66,208) (45,208) (50,496) (49,154)

Total non-operating revenue and expenses (101,530) (98,110) (95,550) (118,494) (95,918) (59,278) 25,832 (19,991) 5,925

Change in net position 312,024 343,661 339,812 152,355 173,206 199,786 292,857 125,091 130,984

Net Position – Beginning of Year 3,583,655 3,239,994* 3,068,607 2,916,252 2,743,046 2,543,260 2,250,403 2,125,312* 1,851,889

Net Position – End of Year $ 3,895,679 $ 3,583,655 $ 3,408,419 $ 3,068,607** $ 2,916,252 $ 2,743,046 $ 2,543,260 $ 2,250,403 $ 1,982,873


* Net Position was restated from the prior year.

** Net Position has been restated to conform to GASB No.65

*** GASB 68 took effect in FY2015


Two Axle Three or More Axles Video Transactions % of Tolls Collected Electronically

REVENUE CAPACITY

TOLL TRANSACTIONS BY VEHICLE CLASS

For the Fiscal Years Ended June 30 (In Thousands)

Toll

Tran

sact

ions

% of Tolls Collected Electronically

2016 2015 2014 2013 2012 2011 2010 2009 2008

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

TOLL TRANSACTIONS BY VEHICLE CLASS

For The Fiscal Years Ended June 30 (In Thousands)

2016 2015 2014 2013 2012 2011 2010 2009 2008

Two Axle 141,857 131,302 121,490 120,177 118,699 111,161 107,448 107,409 109,244

Three Axle 2,012 1,863 1,719 1,694 1,678 1,646 1,613 1,622 1,747

Four Axle 1,352 1,221 1,139 1,091 1,041 997 976 983 1,093

Five Axle 5,796 5,455 5,201 5,324 5,337 5,410 5,384 5,752 6,389

Six Axle 133 131 114 107 115 108 115 112 134

Unusual (1) – – – – – – – 8 13

Video Transactions 6,118 3,761 3,328 – – – – – –

Total Toll Transactions 157,268 143,733 132,991 128,393 126,870 119,322 115,536 115,886 118,620

Percentage of Transactions Collected Electronically 81% 79% 77% 74% 71% 63% 62% 60% 56%

(1) Unusual, or the Class 7 Vehicle Class was eliminated May 1, 2009, and replaced with a lower toll based on the number of axles and an oversize and/or overweight vehicle permit.

NOTE: Information not available for fiscal year 2007 due to chance in accounting methodology.

NOTE: Chapter 113 of 2013 established the use of video tolling as a toll collection method. Video transactions are only available beginning in fiscal year 2014.


TOLL REVENUE BY VEHICLE CLASS


$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$0

Two Axle Three or More Axles Video Transactions

2016 2015 2014 2013 2012 2011 2010 2009 2008

TOLL REVENUE BY VEHICLE CLASS


2016 2015 2014 2013 2012 2011 2010 2009 2008

Two Axle $ 417,598 $ 429,836 $ 405,845 $ 296,067 $ 258,056 $ 195,933 $ 191,065 $ 187,057 $ 188,285

Three Axle 16,513 17,121 16,196 12,002 12,209 12,583 12,475 8,972 8,675

Four Axle 17,867 17,897 16,887 12,189 11,824 11,942 11,891 8,654 8,719

Five Axle 168,449 167,925 162,046 122,939 106,174 90,693 90,651 69,996 71,352

Six Axle 4,791 4,989 4,465 3,128 2,769 2,202 2,389 1,665 1,853

Unusual (1) – – – – – – – 282 444

Commercial Usage Discounts (7,450) (6,957) (6,528) (5,327) (6,138) (6,932) (6,820) (4,844) (4,967)

Video Transactions 26,890 18,980 16,668 13,852 4,667 1,647 1,446 1,361 1,218

Total Toll Revenue $ 644,658 $ 649,791 $ 615,579 $ 454,849 $ 389,562 $ 308,066 $ 303,095 $ 273,143 $ 275,579

(1) Unusual, or the Class 7 Vehicle Class, was eliminated May 1, 2009, and replaced with a lower toll based on the number of axles and an oversize and/or overweight vehicle permit.



NOTE: Numbers may not sum to total due to rounding.

TOLL TRANSACTIONS BY FACILITY


FMT 27.1%

Hatem 3.2%

ICC/MD 20019.1%

Nice 2.2%

WPL 8.4%

BHT 18.0%FSK

7.1%

JFK 9.6%

TOLL TRANSACTIONS BY FACILITY

For The Fiscal Years Ended June 30 (In Thousands)

2016 2015 2014 2013 2012 2011 2010 2009 2008

John F. Kennedy Memorial Highway (JFK) 15,163 14,690 14,377 14,582 14,824 15,375 14,749 14,642 14,652

I-95 Express Toll Lanes (ETL) 8,266 3,946 – – – – – – –

Thomas J. Hatem Memorial Bridge (Hatem) 5,090 5,246 4,948 4,563 5,034 5,070 4,993 5,040 5,556

Harry W. Nice Memorial Bridge (Nice) 3,381 3,305 3,243 3,261 3,290 3,401 3,354 3,347 3,391

William Preston Lane Bridge (WPL) 13,272 12,856 12,759 12,736 13,666 13,558 12,994 12,752 13,370

Baltimore Harbor Tunnel (BHT) 28,287 27,098 24,893 23,972 25,749 26,117 25,226 25,534 25,771

Francis Scott Key Bridge (FSK) 11,195 10,627 10,419 10,922 11,048 11,647 10,959 11,688 12,343

Fort McHenry Tunnel (FMT) 42,639 41,847 41,875 43,576 44,523 46,294 44,063 43,446 44,829

Intercounty Connector (ICC) 29,975 24,118 20,477 17,198 10,043 2,192 – – –

Total Toll Transactions 157,268 143,733 132,991 130,810 128,177 123,654 116,338 116,449 119,912

NOTE: Information not available for fiscal year 2007 due to change in accounting methodology NOTE: The first section of the Intercounty Connector opened on February 23, 2011 and the second section opened on November 22, 2011. The final section opened in Fall 2014.

I-95 ETL 5.3%


NOTE: Numbers may not sum to total due to rounding.

TOLL REVENUE BY FACILITY


FMT 29.3%

Hatem1.8% ICC/MD 200

9.2%

Nice 3.2%

WPL 8.1%

BHT 13.8%

FSK 6.6%JFK

26.2%

TOLL REVENUE BY FACILITY


2016 2015 2014 2013 2012 2011 2010 2009 2008

John F. Kennedy Memorial Highway (JFK) $ 168,864 $ 164,460 $ 160,751 $ 123,004 $ 114,896 $ 105,392 $ 105,316 $ 93,847 $ 91,369

I-95 Express Toll Lanes (ETL) 11,385 6,146 – – – – – – –

Thomas J. Hatem Memorial Bridge (Hatem) 11,645 11,056 10,050 7,869 5,214 2,776 2,573 2,040 3,834

Harry W. Nice Memorial Bridge (Nice) 20,999 21,223 20,241 13,049 11,538 10,040 10,036 9,693 9,996

William Preston Lane Bridge (WPL) 52,213 80,319 78,979 52,795 46,409 37,052 36,231 32,136 33,465

Baltimore Harbor Tunnel (BHT) 88,807 84,635 76,825 52,473 48,369 37,271 36,428 35,192 34,880

Francis Scott Key Bridge (FSK) 42,686 42,431 39,761 29,217 25,581 20,395 20,151 18,315 19,133

Fort McHenry Tunnel (FMT) 188,746 183,503 180,943 136,856 117,821 93,667 92,360 81,920 82,902

Intercounty Connector (ICC) 59,313 56,018 48,029 39,586 19,733 1,474 – – –

Total Toll Revenue $ 644,658 $ 649,791 $ 615,579 $ 454,849 $ 389,562 $ 308,066 $ 303,095 $ 273,143 $ 275,579

NOTE: Information not available for fiscal year 2007 due to change in accounting methodology NOTE: The first section of the Intercounty Connector opened on February 23, 2011 and the second section opened on November 22, 2011. The final section opened in Fall 2014.

I-95 ETL 1.8 %


HISTORY OF TOLL RATES BY FACILITY(1)

JFK Memorial Baltimore Vehicle Class Highway and Hatem Bridge Harbor Crossings(2) Chesapeake Bay Bridge Nice Bridge

Toll Collection One direction only Both directions One direction only One direction only

July 1, 2006 to April 30, 2009

Two Axle Vehicles Cash and E-ZPass $5.00 $2.00 $2.50 $3.00 Commuters 0.80/Unlimited (3) 0.40 1.00 0.60 Three Axle Vehicles 10.00 4.00 5.00 6.00 Four Axle Vehicles 15.00 6.00 7.50 9.00 Five Axle Vehicles 20.00 8.00 10.00 12.00 Six Axle Vehicles 25.00 10.00 12.50 15.00

Toll Rates May 1, 2009 to October 31, 2011

Two Axle Vehicles Cash and E-ZPass Commuters Three Axle Vehicles 15.00 6.00 9.00 9.00 Four Axle Vehicles 23.00 9.00 12.00 12.00 Five Axle Vehicles 30.00 12.00 15.00 15.00 Six Axle Vehicles 38.00 15.00 18.00 18.00

Toll Rates November 1, 2011 to December 31, 2011

Two Axle Vehicles Cash and E-ZPass(4) 6.00 3.00 4.00 4.00 Commuters 1.50/Unlimited (3) 0.75 1.00 1.00 Three Axle Vehicles Four Axle Vehicles Five Axle Vehicles Six Axle Vehicles

Toll Rates January 1, 2012 to June 30, 2013

Two Axle Vehicles Cash and E-ZPass Commuters Three Axle Vehicles 12.00 6.00 8.00 8.00 Four Axle Vehicles 18.00 9.00 12.00 12.00 Five Axle Vehicles 36.00 18.00 24.00 24.00 Six Axle Vehicles 45.00 23.00 30.00 30.00

Toll Rates July 1, 2013 to June 30, 2015

Two Axle Vehicles Cash and E-ZPass 8.00 4.00 6.00 6.00 Commuters 2.80/Unlimited (3) 1.40 2.10 2.10 Three Axle Vehicles 16.00 8.00 12.00 12.00 Four Axle Vehicles 24.00 12.00 18.00 18.00 Five Axle Vehicles 48.00 24.00 36.00 36.00 Six Axle Vehicles 60.00 30.00 45.00 45.00

Toll Rates July 1, 2015 to June 30, 2016

Two Axle Vehicles Cash and E-ZPass (5) 8.00 4.00 4.00 6.00 Commuters 2.80/Unlimited (3) 1.40 1.40 2.10 Three Axle Vehicles (6) 11.20/16.00 8.00 8.00 12.00 Four Axle Vehicles (6) 16.80/24.00 12.00 12.00 18.00 Five Axle Vehicles 48.00 24.00 24.00 36.00 Six Axle Vehicles 60.00 30.00 30.00 45.00

(1) Excludes the Intercounty Connector and the I-95 Express Toll Lanes. Toll rates for these facilities vary by axles and by time of day based on peak, off-peak and overnight pricing periods. Toll rates for the Intercounty Connector were approved on June 11, 2010. Toll rates for the I-95 Express Toll Lanes were approved on December 19, 2013. Toll rates at both facilities were reduced on July 1, 2015.

(2) Includes the Francis Scott Key Bridge, Fort McHenry Tunnel and Baltimore Harbor Tunnel.

(3) The Hatem Bridge Plan provides unlimited passage at the Hatem Bridge for one year. The cost increased from $5.00 to $10.00 on May 1, 2009, and from $10.00 to $20.00 on July 1, 2013.

(4) Effective November 1, 2011, two axle vehicles with a Maryland E-ZPass account receive a 10% discount on the cash toll rate and the video toll rate was set at 150% of the cash toll rate.

(5) Effective July 1, 2015, a discount of of 37.5% was provided to two axle vehicles with a Maryland E-ZPass account at the Bay Bridge only and the discount for two axle vehicles with a Maryland E-ZPass account was increased from 10% to 25% at other facilities.

(6) Effective July 1, 2015, a 30% discount was provided to three and four axle vehicles with a Maryland E-ZPass account at the Hatem Bridge only.

No Change

No Change

No Change


DEBT CAPACITY

DEBT SERVICE COVERAGE - REVENUE BONDS


2016 2015 2014 2013 2012 2011 2010 2009 2008

Revenues

Toll Revenues $ 644,658 $ 649,791 $ 615,579 $ 454,849 $ 389,562 $ 308,018 $ 303,095 $ 273,143 $ 275,579

Concession 6,213 5,070 3,314 4,088 7,575 7,924 9,012 7,984 8,069

Other (1) 58,005 46,399 38,593 32,946 37,459 31,749 32,585 17,368 33,891

Revenue Adjustment (2) (14,003) (13,356) (12,219) (9,138) (6,696) (4,248) (4,854) (4,580) (29,343)

Pledged Investment Income 1,121 371 273 473 368 771 633 1,803 3,550

Gross Revenues $ 695,994 $ 688,275 $ 645,540 $ 483,218 $ 428,268 $ 344,214 $ 340,471 $ 295,718 $ 291,746

Expenses

Operating $ 219,496 $ 215,408 $ 203,953 $ 190,988 $ 222,445 $ 205,210 $ 205,107 $ 190,340 $ 145,075

General & Administrative 59,272 59,662 55,241 51,754 38,709 37,700 26,629 21,330 28,663

Expense Adjustment (3) (32,189) (29,597) (28,187) (31,928) (74,272) (77,624) (77,451) (67,325) (25,877)

Total Expenses $ 246,579 $ 245,473 $ 231,007 $ 210,814 $ 186,882 $ 165,286 $ 154,285 $ 144,345 $ 147,861

Net Revenues $ 449,415 $ 442,802 $ 414,533 $ 272,404 $ 241,386 $ 178,928 $ 186,186 $ 151,373 $ 143,885

Debt Service (4) $ 126,929 $ 107,800 $ 121,158 $ 109,874 $ 87,990 $ 35,662 $ 35,287 $ 35,287 $ 32,910

Debt Service Coverage 3.54 4.11 3.42 2.48 2.74 5.02 5.28 4.29 4.37

(1) Collections in Excess of Calculated Tolls, E-ZPass Fees, Automatic Vehicle Identification Decals, Participation in Maintenance, Commissions, Rental Property, Grants, In lieu of Federal Funds and Miscellaneous Revenue.

(2) Non pledged revenue – Intergovernmental revenue, E-ZPass Fees, Thomas J. Hatem Bridge revenue and miscellaneous.

(3) Expenses payable from non-pledged revenue-General Account Project expense, Airport & Port Police expenses.

(4) Debt Service – January of current fiscal year and July 1st of the next fiscal year.


DEBT OUTSTANDING AND LEGAL BONDED DEBT LIMIT


Net Debt – applicable debt outstanding Legal Bonded Debt Limit

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$0

2016 2015(2) 2014 2013 2012 2011 2010 2009 2008

DEBT LIMITATIONS


2016 2015(2) 2014 2013 2012 2011 2010 2009 (1) 2008

Legal Bonded Debt Limit $ 2,325,000 $ 2,325,000 $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 1,900,000

Net Debt – Applicable Debt Outstanding 2,299,584 2,318,289 2,268,795 2,295,512 2,321,595 2,293,026 1,630,065 1,094,138 1,106,801

Total Legal Debt Margin $ 25,416 $ 6,711 $ 731,205 $ 704,488 $ 678,405 $ 706,974 $ 1,369,935 $ 1,905,862 $ 793,199

Outstanding Bond Debt as Percentage of Legal Bonded Debt Limit 98.9% 99.7% 75.6% 76.5% 77.4% 76.4% 54.3% 36.5% 58.3%

(1) The Maryland Transportation Authority’s debt limit was increased from $1.9 billion to $3.0 billion during the 2008 Legislative Session. The effective date was July 1, 2008, fiscal year 2009.

(2) The Maryland Transportation Authority’s debt limit was reduced from $3.0 billion to $2.325 billion during the 2015 Legislative Session. The effective date was June 1, 2015, fiscal year 2015.

NOTE: Information not available for fiscal year 2007.


NON-RECOURSE DEBT OUTSTANDING (CONDUITS)


REVENUE BONDS (Non-Toll Backed) 2016 2015 2014 2013 2012 2011 2010 2009 2008

BWI Rental Car Facility Bonds Series 2002 $ 90,900 $ 93,785 $ 96,495 $ 99,040 $ 101,440 $ 103,710 $ 105,855 $ 107,890 $ 109,825

BWI Airport Parking Bonds Series 2002 A&B – – – – – 211,110 220,575 229,590 238,180

BWI Airport Parking Refunding Bonds Series 2012 A&B 148,055 159,860 171,180 182,025 190,560 – – – –

BWI PFC Bonds Series 2003A (Variable Rate) – – – 11,200 22,000 32,400 42,300 51,800 60,900

BWI PFC Bonds Series 2003B (Variable Rate) – – – – – – – – –

BWI PFC Bonds Series 2012A 43,500 45,405 47,275 49,110 50,905 – – – –

BWI PFC Bonds Series 2012B 75,360 81,040 86,610 92,070 – – – – –

BWI PFC Bonds Series 2012C (Variable Rate) 43,400 43,400 43,400 43,400 – – – – –

BWI PFC Bonds Series 2014 37,985 39,380 – – – – – – –

Metrorail Projects (WMATA) Bonds Series 2004 – – 30,480 31,860 33,175 34,430 35,635 36,785 37,890

Metrorail Projects (WMATA) Refunding Bonds Series 2014 25,440 27,200 – – – – – – –

Calvert Street Parking Garage Bonds Series 2005 18,011 18,585 19,300 19,995 20,670 21,325 21,960 22,575 23,175

GARVEE Bonds Series 2007 98,365 128,095 156,430 183,445 209,180 233,715 257,090 279,365 300,655

GARVEE Bonds Series 2008 181,415 221,345 259,345 295,590 330,175 363,200 394,705 425,000 –

Total Non-Recourse Debt Outstanding $ 762,431 $ 858,095 $ 910,515 $ 1,007,735 $ 958,105 $ 999,890 $ 1,078,120 $ 1,153,005 $ 770,625


RATIO OF OUTSTANDING DEBT PER CUSTOMER

For The Fiscal Years Ending June 30 (In Thousands)

Total Debt Total Annual Outstanding Debt Debt Service Fiscal Year Outstanding Debt Service(1) Total Transactions per Customer Per Customer

2016 $ 2,299,584 $ 126,989 157,268 $ 14.62 $ 0.81

2015 2,318,289 107,785 143,733 16.13 0.75

2014 2,268,795 121,158 132,991 17.06 0.91

2013 2,295,512 109,874 130,810 17.55 0.84

2012 2,321,595 87,990 128,177 18.11 0.69

2011 2,293,026 35,662 123,654 18.54 0.29

2010 1,630,065 35,287 116,338 14.01 0.30

2009 1,094,138 35,287 116,449 9.40 0.30

2008 1,106,801 32,910 119,912 9.23 0.27

(1) Debt Service - January of current fiscal year and July 1st of the next fiscal year.


TOLL-BACKED DEBT OUTSTANDING

For The Fiscal Years Ending June 30 ($ in Thousands)

TRANSPORTATION FACILITIES PROJECTS REVENUE BONDS 2016 2015 2014 2013 2012 2011 2010 2009 2008

Series 1992 $ – $ 3,000 $ 5,818 $ 8,465 $ 23,368 $ 37,367 $ 50,520 $ 62,878 $ 74,496

Series 2004 – – 68,970 82,725 83,995 155,700 156,855 157,955 159,000

Series 2007 295,605 296,780 297,905 298,975 300,000 300,000 300,000 300,000 300,000

Series 2008 535,565 545,560 555,175 564,420 573,305 573,305 573,305 573,305 573,305

Series 2008A 529,519 529,519 397,497 397,497 397,497 350,834 – – –

Series 2009A 98,870 98,870 98,870 98,870 98,870 98,870 98,870 – –

Series 2009B 450,515 450,515 450,515 450,515 450,515 450,515 450,515 – –

Series 2010A 25,260 29,795 29,795 29,795 29,795 29,795 – – –

Series 2010B 296,640 296,640 296,640 296,640 296,640 296,640 – – –

Series 2012 Refunding 67,610 67,610 67,610 67,610 67,610 – – – –

Total Toll-Backed Debt Outstanding $ 2,299,584 $ 2,318,289 $ 2,268,795 $ 2,295,512 $ 2,321,595 $ 2,293,026 $ 1,630,065 $ 1,094,138 $ 1,106,801


DEMOGRAPHIC AND ECONOMIC INFORMATION


SCHEDULE OF DEMOGRAPHIC STATISTICS FOR MARYLAND

Calendar Year 2015 and Nine Years Prior (5)

Total Personal Income Per Capita Unemployment Population(1) (In Thousands)(2) Personal Income(3) Rate(4)

2015 6,006,401 336,187,435 55,972 5.0%

2014 5,976,407 323,779,035 54,176 5.6%

2013 5,884,563 316,681,620 53,816 6.8%

2012 5,828,289 295,235,516 50,656 6.8%

2011 5,785,982 283,919,505 49,070 7.2%

2010 5,699,478 278,026,000 48,781 7.4%

2009 5,633,597 272,542,169 48,378 5.9%

2008 5,618,899 264,367,477 47,050 3.7%

2007 5,602,258 252,780,827 45,121 3.9%

2006 5,575,552 237,522,127 42,601 3.8%

(1) Source: U.S. Census Bureau.

(2) Source: U.S. Department of Commerce, Bureau of Economic Analysis.

(3) Source: U.S. Department of Labor, Bureau of Labor Statistics.

(4) Source: U.S. Department of Commerce, Bureau of Economic Analysis.

(5) NOTE: Data for Calendar Year 2016 is not yet available.


MARYLAND’S TEN LARGEST PRIVATE EMPLOYERS

Calendar Years (3)

2015(1) 2006 (2)

BAE Systems Inc. Giant Food LLC

Exelon Corporation Helix Health System Inc

Giant Food LLC Home Depot Inc.

H & R Block Inc. Johns Hopkins Hospital

Johns Hopkins University Johns Hopkins University

Lockheed Martin Corporation Northrop Grumman Corporation

McDonald’s Corporation Safeway Inc

Northrop Grumman Corporation Target

Safeway Inc United Parcel Service

Walmart Walmart

(1) Source: Maryland Department of Business and Economic Development, 2015

(2) Source: Maryland Department of Labor, Licensing and Regulation, Office of Labor Market Analysis and Information, Top Private Employers/Maryland Career and Workforce Information

(3) Data for calendar year 2016 is not yet available.


SCHEDULE OF EMPLOYMENT BY SECTOR

Calendar Year 2015(1) and Nine Years Prior

Calendar Year 2015 Calendar Year 2006

Average Total Average Average Total Average Annual Wages Weekly Wage Annual Wages Weekly Wage Employment ($ In Thousands) Per Worker Employment ($ In Thousands) Per Worker

Government, State and local 350,944 $ 5,069,001 $ 2,244 345,952 $ 4,028,757 $ 1,823

Federal 145,158 3,529,269 1,870 124,793 2,380,917 1,468

Total Government 496,102 8,598,270 1,333 470,745 6,409,673 1,047

Manufacturing 103,994 1,942,246 1,437 135,208 1,968,758 1,120

Natural Resources and Mining 6,255 70,089 862 6,615 61,090 710

Construction 159,580 2,685,446 1,294 188,982 2,546,545 1,037

Trade Transportation and Utilities 472,781 5,470,190 890 481,099 4,653,333 744

Information Services 38,204 813,197 1,637 50,728 804,481 1,220

Financial Activities 139,791 3,312,596 1,823 157,262 2,804,043 1,372

Professional and Business Services 437,135 8,848,510 1,557 397,210 6,264,331 1,213

Education and Health Services 424,791 5,973,641 1,082 355,166 4,021,781 871

Leisure and Hospitality 263,406 1,526,996 446 225,497 1,053,505 359

Unclassified And other Services 90,129 952,536 813 90,894 734,481 1,790

Total of all sectors 2,632,168 $ 40,193,719 $ 1,080 2,559,406 $ 31,322,021 $ 853

(1) Data for calendar year 2016 is not yet available.

Source: Department of Labor, Licensing and Regulation’s Division of Workforce Development and Adult Learning Employment and Payrolls - Industry Series - Maryland - Fourth Quarter 2015 and Fourth Quarter 2006


OPERATIONS

CAPITAL ASSETS


2016 2015 2014 2013 2012 2011 2010 2009 2008

Capital Assets Not Being Depreciated

Land $ 397,382 $ 392,110 $ 391,734 $ 387,239 $ 383,687 $ 411,331 $ 404,872 $ 395,850 $ 351,296

Construction in Progress 1,286,379 1,351,992 1,441,483 1,217,254 1,007,407 2,833,233 2,175,250 1,381,193 846,024

Total non-Depreciated 1,683,761 1,744,102 1,833,217 1,604,493 1,391,094 3,244,564 2,580,122 1,777,043 1,197,320

Capital Assets Being Depreciated

Infrastructure 5,595,081 5,336,470 4,961,487 4,842,850 4,736,522 2,497,157 2,400,443 2,544,118 2,461,299

Building 150,204 145,744 109,159 62,214 57,485 47,619 43,783 43,783 53,671

Equipment 53,217 48,092 46,235 46,702 41,169 34,859 31,184 55,960 43,783

Total depreciated 5,798,502 5,530,306 5,116,881 4,951,766 4,835,176 2,579,635 2,475,410 2,643,861 2,558,753

7,482,263 7,274,408 6,950,098 6,556,259 6,226,270 5,824,199 5,055,532 4,420,904 3,756,073

Less Accumulated Depreciation for:

Infrastructure 1,553,172 1,462,234 1,375,797 1,284,625 1,204,311 1,177,263 1,141,540 1,168,517 1,133,140

Building 24,640 23,356 22,475 23,801 23,049 22,032 21,209 20,293 19,376

Equipment 28,031 27,195 23,413 20,571 17,346 14,822 12,235 38,386 35,156

Total Accumulated Depreciation 1,605,843 1,512,785 1,421,685 1,328,997 1,244,706 1,214,117 1,174,984 1,227,196 1,187,672

$ 5,876,420 $ 5,761,623 $ 5,528,413 $ 5,227,262 $ 4,981,564 $ 4,610,082 $ 3,880,548 $ 3,193,708 $ 2,568,401

NOTE: Information not available for fiscal year 2007 due to change in accounting methodology.


Collection, Police Patrol and Maintenance Major Repairs, Replacements, and Insurance

General and Administrative Depreciation

Pension Expense (1)

OPERATING EXPENSES


2016 2015 2014 2013 2012 2011 2010 2009 2008

Collection, Police Patrol and Maintenance $ 216,226 $ 210,058 $ 216,244 $ 200,985 $ 176,455 $ 152,904 $ 145,339 $ 132,940 $ 130,940

Major Repairs, Replacements, and Insurance 3,269 8,153 7,760 11,633 54,960 59,389 59,768 57,400 53,319

General and Administrative 37,372 35,407 35,191 30,124 29,739 30,616 26,631 21,331 32,692

Depreciation 124,094 112,177 110,085 103,743 47,919 45,354 50,414 46,216 59,616

Pension Expense(1) 41,564 20,193

Total Operating Expenses $ 422,525 $ 385,988 $ 369,280 $ 346,485 $ 309,073 $ 288,263 $ 282,152 $ 257,887 $ 276,567

NOTE: Information not available for fiscal year 2007 due to change in accounting methodology(1) GASB 68 requirement

OPERATING EXPENSES


Oper

atin

g Ex

pens

es

($ in

Tho

usan

ds)

$450,000

$400,000

$350,000

$300,000

$250,000

$200,000

$150,000

$100,000

$50,000

$ 0

Fiscal Years

2016 2015 2014 2013 2012 2011 2010 2009 2008


NUMBER OF POSITIONS BY YEAR


2016 2015 2014 2013 2012 2011 2010 2009 2008

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

Administrative Operations Police Reimbursable (1) Engineering/Capital Planning

CHANGE IN POSITIONS

For The Fiscal Years Ended June 30

Staffing Change 2016 2015 2014 2013 2012 2011 2010 2009 2008 from 2016-2008

Administrative 205 200 188 181 175 184 187 185 186 19

Operations 845 870 873 875 875 866 825 829 835 10

Police 412 416 427 427 426 429 407 394 398 14

Reimbursable(1) 209 213 215 219 225 229 229 247 241 -32

Engineering/Capital Planning 90 90 86 87 88 93 92 89 98 -8

Total 1,761 1,789 1,789 1,789 1,789 1,801 1,740 1,744 1,758 3

Maryland State Police(2) 57 57 57 57 57 57 57 58 58 -1

(1) Reimbursable includes police services at BWI Marshall Airport and the Port of Baltimore.

(2) Maryland State Police provides law enforcement services on the John F. Kennedy Memorial Highway


2016 COMPREHENSIVE ANNUAL Financial REPORTFOR THE FISCAL YEAR ENDED JUNE 30, 2016

MARYLAND TRANSPORTATION AUTHORITY

An Enterprise Fund of the State of Maryland

2310 Broening Highway • Baltimore, MD 21224

Documents

MARYLAND TRANSPORTATION AUTHORITY // COMPREHENSIVE ANNUAL Financial REPORT · 2017-12-27 · 2016 COMPREHENSIVE ANNUAL Financial REPORT ... completeness and fairness of the data rests